Traders are back on the bid in WTI, Brent crude – TDS

Source Fxstreet
Jun 12, 2024 13:52

Oil is on the rise amid some Commodity Trading Advisor (CTA) buying and spreads showing signs of recovery, analysts at TD Securities note in a research note.

Markets see uptrends reforming after OPEC meeting

“The energy complex is recovering nicely as CTA buying begins to take hold with uptrends reforming post-OPEC announcement. Spreads have also shown major signs of recovery, with Dec-Dec spreads jumping over 40% off the lows seen in the aftermath of the OPEC decision.”

“In this sense, CTAs are back on the bid in WTI and Brent crude, with the next upside triggers at prices north of $79.87/bbl and $83.16/bbl respectively.”

“With that said, the backwardation remains much reduced vs the levels seen in March-April, suggesting there is still more relative concern about Q4 balances and beyond, which should serve as a resistance to major upside.”

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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