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Crude Just About Holds Gains For The Week, Gold Slumps

COMMODITIES
  • Crude has extended losses during US hours and is trading lower on the day. However, WTI is set for a small net gain on the week. Today’s support comes from a weaker US dollar (a support that faded into the NY session as the USD bounced) plus the ongoing drawdown in global inventories ad supply tightness from OPEC+ cuts.
  • U.S. Rig Count fell by 7 on the week to 623, according to Baker Hughes Sep. 29. Separately, US Crude Production reached its second highest ever level in July, driven by a record high output from Texas’ Permian Basin.
  • US oil demand fell in the month of July to 20.12mbpd from a five-year seasonal high of 20.72mbpd in June 2023 but up compared to 19.93mbpd in Jul 2022 according to the latest monthly data from the EIA.
  • The Biden administration on Friday released its expected plan to phase down oil and gas auctions in federal waters with a release that includes a maximum of three sales in the Gulf of Mexico through 2029.
  • WTI is -1.1% at $90.71 (X3) in another step back towards support at $88.19 (Sep 26 low) despite the technical outlook having appeared bullish.
  • Brent is -1.1% at $92.01 (Z3), still a little way off a key support at $90.41 (Sep 26 low) whilst resistance remains at $95.35 (Sep 28 high).
  • Gold is -0.8%, another torid session despite the USD ultimately slightly lower on the day and Treasuries rallying, with perhaps further technicals at play. It’s through yesterday’s $1857.8 for a low of $1846.58, moving closer to $1839.0 (50% retrace of Sep 28, 2022 - May 4 bull leg).
  • Weekly moves: WTI +0.7%, Brent +0.1%, Gold -3.9%, US nat gas +11.3%, EU TTF nat gas +5.2%.
Energy BulletsCommodities
Energy BulletsCommodities

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