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WTI-Brent Edges Back Up with Futures Moving Positive on the Day

OIL

The WTI-Brent spread is regaining ground again today after pulling back yesterday following the surge higher driven by another decline in Cushing stocks announcement by EIA on Wednesday. Crude markets have regained ground this morning to trade back positive on the day with tight supplies and low inventories weighing against economic uncertainty.

  • With the Brent November contract expiry today, focus has switched to the Nov WTI-Brent spread which has risen from -3.5$/bbl to -3.22$/bbl today but still below the peak of -2.85$/bbl seen in early trading yesterday.
  • Curve backwardation is holding steady today after softening slightly yesterday with the prompt spread today down to 1.8$/bbl and Dec23-Dec24 currently at 10.1$/bbl.
  • Dec23 Brent technicals show the uptrend remains intact with resistance up at the 28 Sep high of 95.35$/bbl while key support is at the 26 Sep low of 90.41$/bbl.
    • Brent DEC 23 up 0.7% at 93.71$/bbl
    • WTI NOV 23 up 0.9% at 92.51$/bbl
    • WTI-Brent down -0.21$/bbl at -3.55$/bbl
    • Brent DEC 23-JAN 24 down -0.12$/bbl at 1.8$/bbl
    • Brent DEC 23-DEC 24 down -0.13$/bbl at 10.1$/bbl
    • WTI NOV 23-DEC 23 down -0.06$/bbl at 2.06$/bbl
    • WTI DEC 23-JAN 24 down -0.02$/bbl at 1.82$/bbl
    • WTI DEC 23-DEC 24 up 0.18$/bbl at 11.46$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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