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Crude Nudges Higher But Can’t Prevent Weekly Dip, Gold Resilient

COMMODITIES
  • Crude is trading higher but has relinquished some of the gains seen earlier in the day. The Baker Hughes’ rig count data showed rig numbers fall for the first time in three weeks to offer some upside (630, -11, of which oil 507, -8). Despite a mid-week spike, crude is now down compared to last Friday, with WTI falling by around 80 cents/bbl.
  • The US Coordinator for MENA Brett McGurk and Senior Advisor to the President for Energy and Investment Amos Hochstein emphasized the urgency of reopening the Iraq-Turkey pipeline as soon as possible, according to a White House e-mailed statement.
  • Onshore crude inventories in China have been drawn down over the past three weeks to the lowest since mid-June according to data tracked by satellite firm Ursa Space Systems.
  • Russia’s government expects the average price of its crude grades to average $71.30/bbl in 2024, up from an average of $63.40/bbl so far in 2023.
  • WTI is +0.7% at $90.26, as it holds above support at the 20-day EMA of $86.58 and off resistance at $92.43 (Sep 19 high).
  • Brent is +0.3% at $93.56, as it holds above support at the 20-day EMA of $90.64 and off resistance at $95.96 (Sep 19 high).
  • Gold is +0.25% at $1924.84, proving resilient to the climb in the USD with an offset from a rally in Treasuries after yesterday's large twist steepening had weighed on the yellow metal. Support remains a way off at $1947.5 (Sep 20 high), the high shortly before the FOMC decision.
  • Weekly moves: WTI -0.5%, Brent -0.4%, Gold almost unch, US nat gas -0.4%, EU TTF nat gas +9%.
Energy BulletsCommodities
Energy BulletsCommodities

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