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Crude Extends Decline

OIL

Crude markets are extending declines following the unexpected build in US crude stocks, adding to further downside driven by softer China data and overall oil demand concerns. Crude prices remain above the first support level.

    • Brent APR 24 down -2.4% at 80.49$/bbl
    • WTI MAR 24 down -2.7% at 75.7$/bbl
  • BRENT TECHS: (J4) Bull Cycle Still In Play
  • SUP 1: $79.40 - 50-day EMA
  • WTI TECHS: (H4) Bullish Structure
  • SUP 1: $74.76/70.62 - 50-day EMA / Low Jan 17
  • EIA Weekly US Petroleum Summary - w/w change week ending Jan 26: Crude stocks +1,234 vs Exp -225, Crude production +700, SPR stocks +892, Cushing stocks -1,972
  • US production also recovered back up to 13mbpd following weather related disruptions.
  • The OPEC+ JMMC meeting is scheduled for tomorrow. Reuters survey data suggested the group pumped above its pledged baseline for January.

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