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Crude Oil Bounce Buoyed By IEA Seeing Tight Supplies In 2023

COMMODITIES
  • Crude oil rallies for a third day as it continued to bounce after last week’s double digit percentage slide, with oil-related headlines far outweighing any spillover from market fluctuations from the FOMC. Morgan Stanley sees Brent back around $110/bbl by mid-2023.
  • There was earlier volatility seen around EIA inventory data, which saw a fall on a very large 10.2mln barrel increase in crude inventories. It quickly more than reversed the decline though and continued with the upward trend helped earlier by the IEA seeing oil prices possibly rising in 2023 as sanctions squeeze Russian supplies and demand beats earlier forecasts.
  • WTI is +2.9% at $77.56, clearing both yesterday’s high of $76.37 and further resistance at the 20-day EMA of $77.52. It next opens $81.16 (50-day EMA).
  • Brent is +2.9% at $82.93, clearing yesterday’s high of $81.28 and coming close to the 20-day EMA of $83.08.
  • Gold is -0.3% at $1805.55 and after swinging along with Treasury yields on the FOMC is ultimately little changed from just beforehand. Having touched a fresh trend high, resistance remains at yesterday’s high of $1824.5.
Energy BulletsCommodities
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