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Back From Monday's Highs, Bullish Techs Still In Play

OIL

WTI & Brent crude futures trade a little over $0.10 firmer on the day, with a softer USD and uptick in regional equity indices supporting crude during Asia-Pac dealing.

  • In terms of the broader energy supply picture, Monday revealed reports of continued OPEC+ overcompliance re: the group's production pact, while Russia noted that it will not send extra natural gas to Europe in November, both of which are positive inputs for crude prices.
  • Still, crude fell back from best levels of the day, with WTI finishing marginally higher vs. Friday's close, while Brent shed ~$0.50 vs. its own Friday settlement, as a lack of clear direction when it came to broader risk appetite, and perhaps a degree of exhaustion, hampered crude as we moved through the session.
  • Monday also saw the White House note that it continues to press OPEC members re: supply issues owing to rising fuel prices.
  • The latest batch of API crude inventory estimates headline on Tuesday.
  • From a technical perspective, our in-house technical analyst notes that bullish conditions remain intact, with WTI bulls looking to $84.97, while Brent bulls look to $86.55
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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