The Morning Crude Numbers; Costless Collars, The Curve, Pivots, and Vol
March 1, as of (roughly) 8:30 a.m. est
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.
May 76.63 *peak price
*Price curve continues shaped in front-end contango and back-end backwardation.
Local Pivot Points
79.09 resistance 2
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
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.
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