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Crude Buoyed By Supply Concerns Plus Late Dollar Boost

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  • Crude oil gained ground today on supply concerns and increased optimism over demand but it remains in contango suggesting ample near term supplies against the current weak demand, plus some late support from the USD on balance depreciating after Powell’s remarks.
  • Longer dated spreads are also slightly up on the day although have pulled back from earlier gains. Concern for supplies with outages in Turkey and Norway added to optimism around future Chinese demand to support the futures today.
  • WTI is +4.2% at $77.21, jumping closer towards resistance at the 50-day EMA of $78.39 and away from support at yesterday’s low of $72.25.
  • Brent is +3.5% $83.78, also pushing closer to resistance at the 50-day EMA of $84.08 and off support at $79.10.
  • Gold meanwhile sees a relatively tight range today compared to moves in days following the payrolls surge, +0.2% at $1870.66. Resistance remains at $1899.9 (20-day EMA) and support at $1861.4 (Feb 3 low).
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  • Crude oil gained ground today on supply concerns and increased optimism over demand but it remains in contango suggesting ample near term supplies against the current weak demand, plus some late support from the USD on balance depreciating after Powell’s remarks.
  • Longer dated spreads are also slightly up on the day although have pulled back from earlier gains. Concern for supplies with outages in Turkey and Norway added to optimism around future Chinese demand to support the futures today.
  • WTI is +4.2% at $77.21, jumping closer towards resistance at the 50-day EMA of $78.39 and away from support at yesterday’s low of $72.25.
  • Brent is +3.5% $83.78, also pushing closer to resistance at the 50-day EMA of $84.08 and off support at $79.10.
  • Gold meanwhile sees a relatively tight range today compared to moves in days following the payrolls surge, +0.2% at $1870.66. Resistance remains at $1899.9 (20-day EMA) and support at $1861.4 (Feb 3 low).