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Crude Holds Nudge Higher After Wagner Conflict

COMMODITIES
  • Crude oil has seen a relatively narrow range for the session, with only modest gains on Friday’s close after tighter supply concerns on continued uncertainty following Wagner movements and apparent climbdown were partly offset by weaker demand concerns.
  • Bloomberg scenario analysis showed that OPEC+ voluntary output cuts could deepen the oil-market deficit to about 2mbpd in 2H 2023. They see the market deficit combining with any substantial inventory depletion likely forming a constructive price backdrop assuming a deceleration in the global economy doesn’t drive a significant demand slump.
  • WTI is +0.5% at $69.47 It doesn’t trouble resistance at $72.72 (Jun 21 high) whilst support remains at $66.96 (Jun 12 low) as part of its bearish technical outlook. In options space, the CLQ3 has seen heaviest trading at $75/bbl calls today.
  • Brent is +0.6% at $74.26, off resistance at $77.24 (Jun 21 high) and support at $71.50 (May 31 low).
  • Gold is +0.2% at $1924.24, also in relatively narrow ranges with the USD index also contained, and not troubling support at $1910.3 (Jun 23 low).
Energy BulletsCommodities
Energy BulletsCommodities

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