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A Mixed But Weaker Day For Crude Whilst Gold Buoyed By Weaker USD

COMMODITIES
  • Crude markets are holding net losses today as concerns over threats to Red Sea shipping have been superseded by record US oil output and Angola’s announcement it will leave the OPEC group. Falling US rig counts helped to moderate today’s losses in US hours.
  • Angola will exit OPEC, stated-owned Jornal de Angola reported, citing Mineral Resources Minister Diamantino Azevedo.
  • Tankers carrying crude oil and fuel entering the Bab al-Mandab strait fell to around 30 this week, down by over 40% from the daily average seen in the previous three weeks as more shipping companies pause routes in the Red Sea according to Bloomberg ship tracking.
  • US total oil and gas rig counts fell by 3 to 620, according to Baker Hughes Dec. 21. Total US oil rigs fell by 3 on the week to 498.
  • WTI is -0.5% at $73.84, pulling back from yesterday’s $75.37 but still off support at $70.99 (Dec 18 low).
  • Brent is -0.5% at $79.33, pulling away from resistance at $80.56 (50-day EMA) but still off support at $75.76 (Dec 18 low).
  • Gold is +0.6% at $2043.9, buoyed by a weaker USD index seen ever since surprisingly dovish GDP/core PCE revisions in the third reading for Q3. It’s off an earlier high of $2046.00 for moves closer to resistance at $2054.3 (50% retrace of Dec 4-13 bear leg).
Energy BulletsCommodities
Energy BulletsCommodities

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