The Morning Crude Numbers; Costless Collars, the Curve, Local Pivot Points, Volatility, etc


Costless collars
Apr23-Dec23  65.00 put /88.00 call   Swap ref 76.65
Cal 2024          60.00 put /85.25 call                    72.40
*Apr-Dec23 Cal avg futures trading at a $4.25 premium to Cal 2024.
Price Curve
Apr  77.66
May 77.82  
June 77.84  *peak price
July  77.65
*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
79.35 resistance 2
77.99  Pivot
76.63  support 2
*Pivot numbers are based on yesterday's trading range of $1.36 plus high, low, close
April $77.50 straddle 3.96 theoretical value.
*Implies 33.72% volatility. Days to exp: 13
April Cal Avg WTI/Brent spread
-5.74/ -5.67   
Long: Short Open Interest Ratio
*Based on Commitment of Traders Report. 
  See next Monday.
Feedback on usefulness appreciated , thank you.
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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