The Morning Crude Numbers; Costless Collars, The Curve, Pivots, and Vol

March 1, as of (roughly) 8:30 a.m. est


Costless collars
Mar23-Dec23  65.00 p/85.75c   Swap ref 75.33
Cal 24  60.00p/82.50c                                  71.05
*Mar-Dec23 Cal avg futures trading at a $4.28 premium to Cal 2024.
Price Curve
Apr  76.47
May 76.63  *peak price
June 76.60 
July  76.37
*Price curve continues shaped in front-end contango and back-end backwardation.
Local Pivot Points
April CLJ
79.09   resistance 2
76.81  Pivot
74.52   support 2
*Pivot numbers are based on yesterday's trading range of $2.28 plus high, low, close
April 76.50 straddle 4.53 theoretical value.
*Implies 36.51% volatility. Days to exp: 15

April Cal Avg Brent/WTI spread
-5.83/ -5.76   
Long: Short Open Interest Ratio
*Based on Commitment of Traders Report. 
  See next Monday.
Please comment or thumbs up on the usefulness of above info.
All these levels are a snapshot in time on the runway to the market's 9 am opening. These are not trade recommendations. 


Popular posts from this blog

WTI Update- a 4 Handle Future?

Biden Climate Plan and Global GDP

Gasoline a By-product of Distillate