May and June WTI Brent arb

Overview

Brent has gained some on WTI today when looking at the May and June arb relationships.  Concerns over continued supply disruptions are likely supporting the Brent, while concurrently high freight rates will make WTI less attractive.
The May WTI Brent arb though still has positive momentum--thus favoring the WTI. But, today the May arb fell to test support for WTI at the -$7.28 area---with today's low being -$7.30. Below that support for WTI comes in at the -$8.15/-$8.25 area. Upside resistance for WTI versus Brent comes in at -$4.62.

The June arb has momentum that looks poised to turn negative in a day or two. Support at -$6.95 was tested with today's low of -$6.98. Below that support for the WTI is likely at the recent lows at -$7.97/-$8.00. Upside resistance for the WTI versus the Brent comes in at -$5.10 and then at -$4.61.

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