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Close To 100-Day EMA Resistance Point

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Brent crude prices are marginally higher at this stage, last near 87.80, around +0.40% for the session. This puts us on track for a modest 0.23% gain for the week, with Brent consolidating somewhat after strong gains in the previous two weeks. Bulls will also be looking for a concerted break through $88/bbl before turning more bullish. Also note the 100-day EMA, which comes in at $88.28/bbl sit just above this level.

  • Brent has been unable to sustain breaks above this resistance point since early July last year, see the chart below.
  • Elsewhere EU officials are reportedly considering a $100/bbl cap for Russian diesel exports, while the cap would be lower for other products like fuel oil. Goldman Sachs warned that the next round of oil sanctions on Russia could be more disruptive than the first round, citing global diesel inventory levels as being tight.
  • Looking ahead, China markets return from the LNY break next week, with PMI prints for January out on Tuesday. OPEC+ meetings will also take place over Tuesday/Wednesday, although no change is expected from an output standpoint at this stage.

Fig 1: Brent Crude Close To 100-Day EMA Resistance Point

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Brent crude prices are marginally higher at this stage, last near 87.80, around +0.40% for the session. This puts us on track for a modest 0.23% gain for the week, with Brent consolidating somewhat after strong gains in the previous two weeks. Bulls will also be looking for a concerted break through $88/bbl before turning more bullish. Also note the 100-day EMA, which comes in at $88.28/bbl sit just above this level.

  • Brent has been unable to sustain breaks above this resistance point since early July last year, see the chart below.
  • Elsewhere EU officials are reportedly considering a $100/bbl cap for Russian diesel exports, while the cap would be lower for other products like fuel oil. Goldman Sachs warned that the next round of oil sanctions on Russia could be more disruptive than the first round, citing global diesel inventory levels as being tight.
  • Looking ahead, China markets return from the LNY break next week, with PMI prints for January out on Tuesday. OPEC+ meetings will also take place over Tuesday/Wednesday, although no change is expected from an output standpoint at this stage.

Fig 1: Brent Crude Close To 100-Day EMA Resistance Point

Keep reading...Show less