Strategists at Rabobank expect to see spot Brent crude oil prices anchored near the $30/bbl level until the massive glut of floating crude inventory begins to get worked down. Key quotes “We view the recent strength in the calendar spreads as premature and likely to stall out and reverse under the weight of the coming surge of imports. This dynamic will work to support the back of the curve as spot Brent prices remain anchored at the $30/bbl level.” “We expect the high crude oil inventory levels to weigh on the curve structure and pressure calendar spreads back lower. The back end of the crude forward curves should remain supported as a result of this expected spread weakness.” “We continue to view the back of the oil curve as having very attractive risk/reward metrics at current levels. It would not surprise us to see the back of the curve lead the market higher if and when global demand ultimately recovers.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CAD flirts with session lows, around 1.4075-70 region FX Street 2 years Strategists at Rabobank expect to see spot Brent crude oil prices anchored near the $30/bbl level until the massive glut of floating crude inventory begins to get worked down. Key quotes “We view the recent strength in the calendar spreads as premature and likely to stall out and reverse under the weight of the coming surge of imports. This dynamic will work to support the back of the curve as spot Brent prices remain anchored at the $30/bbl level.” “We expect the high crude oil inventory levels to weigh on the curve structure and pressure calendar spreads back lower. The… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
