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Crude Eases Back Amidst USD Headwind

COMMODITIES
  • Fresh from yesterday’s push higher including YTD highs for WTI, crude futures and time spreads have lifted off lows but hold onto small losses with a headwind from a stronger USD despite slightly weaker than expected US ISM and JOLTS.
  • Those earlier gains were helped by a Bloomberg survey showing OPEC output plunged by 900kbpd last month to an average of 27.79mpd, it’s the biggest reduction since the group and its allies slashed supplies during the depths of the Covid pandemic in 2020.
  • Saudi Arabia may raise its price for Arab Light crude for sale to Asian refiners by 45 cents for a third month as the voluntary output cuts are expected to be extended into September according to a Reuters survey.
  • Elsewhere, the repair work at Forcados crude oil terminal is expected to be completed by early next week, whilst Iraq’s crude oil exports stood at 3.44mbpd in July, up from 3.335mbpd in June and the highest monthly level since March.
  • WTI is -0.55% at $81.35 as it pulls back from resistance at $82.00 (Jul 31 high). Support remains at $76.64 (20-day EMA).
  • Brent is -0.65% at $84.87 as it pulls back from resistance at $85.60 (Jan 27 high) but keeps key resistance at $86.18 (Jan 23 high) in its sights.
  • Gold is -1.0% at $1944.62, sliding with USD strength and higher Treasury yields. It is off a low of $1941.3 that cleared support at $1942.7 (Jul 27 low) to open $1924.5 (Jul 11 low).
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