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Unwind Of Geopolitical Risk Premium Extends

OIL
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As our commodity team notes, crude futures and time spreads continue to pull back as Middle East risk premium eases amid significant uncertainty over Israel’s response to Iran’s weekend attack. WTI has lost roughly $3 over the last 24 hours.

  • Several reports have suggested that Israel is unlikely to carry out a strike on Iran until after Passover. Passover begins on Monday and runs until nightfall on April 29.
  • Initial technical support levels for the crude oil benchmarks come in at the 50-day EMAs, $85.35 for Brent & $81.12 for WTI.
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As our commodity team notes, crude futures and time spreads continue to pull back as Middle East risk premium eases amid significant uncertainty over Israel’s response to Iran’s weekend attack. WTI has lost roughly $3 over the last 24 hours.

  • Several reports have suggested that Israel is unlikely to carry out a strike on Iran until after Passover. Passover begins on Monday and runs until nightfall on April 29.
  • Initial technical support levels for the crude oil benchmarks come in at the 50-day EMAs, $85.35 for Brent & $81.12 for WTI.