The Morning Crude Numbers; Costless Collars, the Curve, Pivots, and Vol for March 2

As of (roughly) 8:30 a.m. est  Mar 2 2023
 
WTI
Costless collars
Apr23-Dec23  65.00 put /88.00 call   Swap ref 76.50
Cal 2024          60.00 put /84.75 call                    72.02
*Apr-Dec23 Cal avg futures trading at a $4.48 premium to Cal 2024.
Price Curve
Apr  77.77
May 77.90  *peak price
June 77.87
July  77.62
*Price curve continues shaped in front-end contango and back-end backwardation.
Local Pivot Points
April CLJ
78.95  resistance 2
78.32
77.22  Pivot
76.59
75.49  support 2
*Pivot numbers are based on yesterday's trading range of $1.73 plus high, low, close
Volatility
April 78.00straddle 4.32 theoretical value.
*Implies 35.21% volatility. Days to exp: 14
April Cal Avg WTI/Brent spread
-5.76/ -5.68   
Long: Short Open Interest Ratio
*Based on Commitment of Traders Report. 
  See 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. 
 
 We would love to hear what you think; please comment and let us know if you like the above.
 

 

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