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China Property News Aids Sentiment, But Still Tracking For Large Weekly Loss

OIL

Oil is recovering further today, with Brent up another 1.15% at this stage. We haven't recaptured the $80/bbl handle, last tracking near $79.60/bbl, and still set for a decent weekly loss (-7.36% at this stage). For Brent, note the 20-day EMA comes in at $81.91, while the 50-day sits near $85/bbl. This latter resistance point hasn't been sustainably broken since early November last year.

  • Broader commodity sentiment has been lifted today (iron ore and copper are also higher), by reports China will ease property restrictions further. This has spilled over to oil as well.
  • This may help keep a floor under prices to some degree, but demand uncertainty is still presenting an upside cap. Saudi Arabia has cut prices for oil deliver in February to Europe and Asia.
  • Looking ahead to next week, on Tuesday the US EIA releases its short term outlook, along with the weekly API report on inventories. Wednesday the weekly EIA inventory report is due, while on Thursday US CPI prints. Friday delivers China trade figures.
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