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Crude Futures Bounce On Reduced Libya Flows And Middle East Tensions

COMMODITIES
  • Crude is holding most of its gains on the day, as reduced flows out of Libya and risks from Middle East tensions bolster prices. The WTI prompt time spread briefly flipped into backwardation for the first time since November, driven by the additional strength on the prompt month.
  • Global consumption of liquid fuels is expected to be 102.46m b/d in 2024, according to the EIA’s January Short-Term Energy Outlook. This is revised up from 102.34m b/d in December’s report.
  • A total of 21 oil tankers carrying a combined 2.5m mt, or 19.8m bbl of CPC Blend have been unable to depart from the Black Sea after loading due to adverse weather, according to Bloomberg.
  • WTI is +2.0% at $72.19, unwinding some of yesterday’s slide to lift away from support at $69.28 (Jan 3 low) closer to resistance at $74.85 (50-day EMA).
  • Brent is +1.9% at $77.57, lifting away from support at $74.79 (Jan 3 low) nearer resistance at $79.41 (Jan 4 high).
  • Gold is +0.06% at $2029.24, fairing well considering the strengtheing in the USD index throughout the session. It holds narrow ranges and doesn’t test support at $2012.0 (50-day EMA) seen as part of the trend bear leg extension.
Energy BulletsCommodities
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