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Crude Futures Retrace Bulk Off Earlier Gains, Gold Meets Support

COMMODITIES
  • Crude continues to be trading higher on the day as US close approaches, although it has relinquished most of its gains having pushed closer to resistance levels.
  • The US has demanded the immediate release of an oil tanker seized by Iran off the coast of Oman.
  • The discount for Russian crude oil has widened by around 40% since the UK strengthened its enforcement of the price cap in October, a US Treasury official said Jan. 11
  • The crucial Red Sea shipping route could take months to open according to Maersk’s chief executive Vincent Clerc speaking with the FT.
  • Ecuador’s oil and gas sector was operating normally on Wednesday despite a large uptick in violence in the country this week the energy ministry said.
  • WTI is +1.0% at $72.06 having pulled back from highs of $73.81. Resistance remains at $74.62 (50-day EMA).
  • Brent is +0.8% at $77.4 off highs of $79.10 having pushed close to $79.41 (Jan 4 high) after which lies key resistance at $81.45 (Dec 26 high).
  • Gold is -0.2% at $2020.8 having bottomed out at $2013.4 to test support at $2013.2 (50-day EMA) before being helped higher by a softer USD index.
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