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Crude Holds Onto Tuesday’s Gains, API Data Out Later

OIL

Oil prices have held onto most of their gains from yesterday. On Tuesday they rose around 2.5% and today are little changed. WTI has moved in a narrow range during APAC trading today and is 0.1% lower at $75.47/bbl, off the low of $75.15. Brent is flat at $81.06, close to the intraday high. The USD index is slightly higher.

  • There are increasing concerns that tensions are spreading in the Middle East with the Iran-backed Houthis firing on shipping in the key Red Sea and the US striking targets in Iraq. Danish shipping giant Maersk has said that it will resume cargoes through the Red Sea/Suez Canal given the naval protection now provided, which may have helped put a lid on oil prices today.
  • Brent’s 200-day moving average is at $80.11 with the 50-day trending down and currently at $81.33. It will be seen as bearish if it falls below the 200-day average, a so-called death cross, according to Bloomberg.
  • US API crude inventory and product data are released later. Apart from that there are only the US’ Richmond and Dallas Fed indices for December.
Energy BulletsCommodities
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