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Crude Futures Surge On Houthi Oil Tanker Attack, Gold Ending A Softer Week

COMMODITIES
  • Crude has surged to be trading higher on the day after reports that the Houthis struck an oil tanker off Yemen. WTI is up more than 6% since the start of the week and heading towards its highest close since Nov. 29.
  • A merchant ship has been struck and caught fire around 55m Southeast of Aden in the Red Sea, according to Ambrey analytics. A Houthi spokesperson via X, that it was the Marlin Luanda, which is believed to have been carrying naphtha.
  • OPEC+ is not expected to decide on production volumes from April onwards at the next JMMC meeting on 1 February, but the group is likely to announce a decision in the coming weeks.
  • WTI is +0.8% at $78.01, extending gains after yesterday’s clearance of the bull trigger at $76.31 (Dec 26 high). It opens new key short-term resistance at $79.56 (Nov 30 high).
  • Brent is +1.35% at $83.53 also extending yesterday’s YtD highs and opening a key resistance at $84.22 (Nov 30 high).
  • Gold is -0.2% at $2017.02, modestly extending losses for the week that has seen slight USD appreciation. It doesn’t test previously established technical levels, with support at $2001.9 (Jan 17 low) and resistance at $2039.4 (Jan 19 high).
  • Weekly moves: WTI +6.3%, Brent +6.4%, Gold -0.6%, US HH nat gas +6.4%, EU TTF nat gas -1.2%
Energy BulletsCommodities
Energy BulletsCommodities

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