WTI Curve, Pivots, Vol and Ti/Brent

 Life on the Hedge 

WTI

Costless collars
Apr23-Dec23  65.00 put /84.00 call   Swap ref 74.70
Cal 2024          60.00 put /82.00 call                    70.85

*Apr-Dec23 Cal avg futures trading at a $3.85 premium to Cal 2024.

Price Curve
Apr  75.75
May 75.87  
June 75.90  *peak price
July  75.70

*Price curve continues contango shaped in front-end.  
  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
78.45 resistance 2
77.37
76.40  Pivot
75.74
73.77  support 2

*Pivot numbers are based on yesterday's trading range of $2.63 plus high, low, close levels.


Volatility

April $75.50 straddle 3.13 theoretical value.

*Implies 39.47% volatility.      Days to exp: 6


April Cal Avg WTI/Brent spread   (BKJ)
--5.28/-5.21


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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