Morning Numbers Crude Curve Vol etc

 Life on the hedge 3/8/2023

WTI

Costless collars
Apr23-Dec23  65.00 put /87.00 call   Swap ref 76.15
Cal 2024          60.00 put /84.25 call                    71.84

*Apr-Dec23 Cal avg futures trading at a $4.21 premium to Cal 2024.

Price Curve
Apr  77.28
May 77.44  
June 77.45  *peak price
July  77.28

*Price curve continues contango shaped in front-end, with peak price going back and forth between CLK and CLM.
  Moving further back along the time curve prices are trading at premiums. From July23 to further back backwardation characterizes the curve's shape.



Local Pivot Points

April CLJ
81.49 resistance 2
79.96
78.51  Pivot
76.08
75.63  support 2

*Pivot numbers are based on yesterday's trading range of $2.88 plus high, low, close levels.


Volatility

April $77.50 straddle 3.45 theoretical value.

*Implies 37.22% volatility. Days to exp: 8


April Cal Avg WTI/Brent spread   (BKJ)
--5.21/-5.14


Long: Short Open Interest Ratio
*Based on Commitment of Traders Report.  Next Monday
  


All these levels are a snapshot in time on the runway to the market's 9 am opening. These are not trade recommendations. 

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