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Crude Hangs Onto Russia Output Cut Boost For Strong Week of Gains

COMMODITIES
  • Crude oil’s main move of the day came in European hours with Russia’s Novak saying it plans to cut March output by 500kbpd in order to improve the market situation and reiterating that it won’t comply with any Western price caps.
  • Russian barrels being placed into Asia have initially defied predictions of a decline after sanctions came into place Dec 5 as China and particularly India stepped in – albeit at significant discounts to global benchmarks, but a production cut signals Russia’s difficulty in doing this longer term.
  • WTI is +1.95% at $79.59 with a high of $80.33 forming initial resistance after which sits a key $83.14 (Dec 1 high).
  • Brent is +2.1% at $86.25 off a high of $86.90 that now forms initial resistance after which sits the bull trigger of $89.00 (Jan 23 high).
  • Gold is +0.1% at $1864.4 although fair strongly against USD appreciation. It sees a volatile week with a high of $1890 on Thursday that came close to testing resistance at the 20-day EMA of $1892.1, before today’s low of $1852.8 briefly probed support at the 50-day EMA of $1855.5.
  • Weekly moves: WTI +8.4%, Brent +7.9%, Gold -0.0%, US nat gas +3.2%, EU TTF nat gas -6.8%
Energy BulletsCommodities
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