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Crude Eases Back Towards Friday’s Lows

COMMODITIES
  • Crude eases back towards the lows from Friday just above 85$/bbl for Brent as the market assesses the tighter market supply against ongoing global economic concerns.
  • On Saturday, Saudi Arabia raised nearly all OSPs to Asia and Europe for September with Arab Light crude to Asia up 0.3$/bbl. Saudi Aramco CEO Amin Nasser said supply for customers remains adequate despite the country’s voluntary production cuts.
  • Poland has stopped oil through part of a western section of the Druzhba pipeline after a leak late on Saturday. Crude flows are expected to resume on Tuesday morning whilst Germany’s Leuna oil refinery has adjusted its processes as a precaution.
  • Friday’s rig count showed global oil and gas rig counts including US and Canada rose by 20 in July driven by a +40 increase from Canada.
  • WTI is -1.2% at $81.85, pulling away from resistance at $83.59 (Nov 7, 2022 high) but still off support at $78.69 (Aug 3 low).
  • Brent is -1.1% at $85.27, having set a new recent high of $86.73 after which the next step was the $90/bbl round number. It remains off support at $82.36 (Aug 3 low).
  • Gold is -0.3% at $1936.34, remaining off support at $1924.5 (Jul 11 low).
Energy BulletsCommodities
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