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Crude Gains Despite Inventory Build, Gold Slip Aided By Technicals and Nat Gas Surges

COMMODITIES
  • Crude has pushed on further today after yesterday’s second half recovery, although despite a recent increase push higher around the settle, remains just below the day’s highs seen shortly after EIA data despite a larger than expected crude inventory build for last week.
  • Crude inventories built (+5,851 vs exp +1,887) with an increase in production and despite a large drop in crude exports and increase in refinery runs. Production increased up to 12.6mbpd after spending the year so far between 12.2 and 12.4mbpd. Net imports of crude oil rose last week to the highest since Jan’22. The oil adjustment figure was largely unchanged on the week after recent weekly changes.
  • Top US shale producers are raising output, but are lacking the activity to raise production significantly, according to Reuters.
  • WTI is +1.7% at $84.33 as it nears round-number resistance at $85 after which lies $85.94 (Aug 23, 2022 high).
  • Brent is +1.5% at $87.48 having cleared resistance at $86.73 (Aug 7 high) and move closer to the $90 round-number resistance.
  • Gold is -0.5% at $1916.20 for a surprisingly large move considering the USD index moving lower on balance over the day, with a sharp step lower seen after clearing yesterdya’s low of $1922.8 to next open support at $1902.8 (Jul 6 low).
  • Special mention also goes to EU natural gas surging 40% today with the TTF touching its the highest level since 15 June with an intra-day high of €43.545/MWh. It’s on ongoing supply risks from Norway and Russia and possible disruptions to global LNG supplies amid planned strike action in Australia along with Nigeria LNG saying the force majeure is to continue. Context is important though having been close to €200 this time last year and above €100 until Dec’22.
Energy BulletsCommodities
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