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Crude Futures and Gold Pull Back After Clearing Recent Resistance Levels

COMMODITIES
  • Crude futures have edged out small declines after some limited two-way trade today, ultimately consolidating Friday’s gains. Tight supplies and low stocks continue to support crude markets whilst a weaker US dollar is adding to the price support.
  • The near-term crude option put skews are holding steady today but longer term spreads continue to turn more bearish amid ongoing concern for future oil demand growth and uncertainty over OPEC+ supply targets into next year.
  • Crude managed money net long positions rose to a six month high with WTI positioning the most bullish since June 2022 according to CFTC data released on Friday. The combined net long positions for Brent and WTI increased by +101k to 452k.
  • The Libyan oil ports - Es Sider, Ras Lanuf, Brega and Zueitina – remain shut until at least Tuesday after a severe rainstorm hit the country's eastern region over the weekend, leading to flooding, according to shipping agents.
  • WTI is -0.3% at $87.22 off a high of $88.15 to clear $88.08 (Sep 6 high) and re-open the round $90.00.
  • Brent is -0.1% at $90.56 off a high of $91.45 to clear $91.15 (Sep 5 high) and open $92.91 (Nov 17, 2022 high, cont).
  • Gold is +0.15% at $1921.97 with only limited gains considering a sizeable -0.5% decline in the USD index, sliding back after quickly reversing a clearance of technical resistance at $1930.5 (50-day EMA). A more concerted push is required to open a key resistance at $1953.0 (Sep 4 high).
Energy BulletsCommodities
Energy BulletsCommodities

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