Free Trial

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
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.