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Brent Buoyed Toward $80/bbl

COMMODITIES
  • Energy markets resumed their uptick Monday, with WTI and Brent crude futures both well bid. The rally was most notable in Brent, with prices nearing in on $80/bbl to hit a new 2021 high. A rise through this mark would be the first since late 2018 and comes as markets continue to price a particularly tight energy market across winter.
  • The price formation Sep 21 was a doji candle, signalling scope for a resumption of gains and the contract last week breached 76.13, Sep 15 high to resume its uptrend. The move higher paves the way for a climb towards $80.00 next. A rally through here opens $80.37 and $82.61.
  • The expected tightness in the market has become most evident in the UK, with queues and outages becoming common across petrol stations throughout the country. Supply chain constraints are largely being blamed, with ministers quick to reassure that stockpiles are plentiful and once demand subsides normality should follow.
  • Gold trades within range of the Thursday/Friday lows. This confirms a resumption of the current short-term bear cycle and signals scope for a move towards $1742.5, the 76.4% retracement of the Aug 9 -Sep 3 rally. A breach of this level would open the key support at $1690.6 further out, Aug 9 low.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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