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Crude Oil Bounces Back After EIA Data, OPEC+ Looms Ahead

COMMODITIES
  • Crude oil prices have moved off highs but nevertheless hold sizeable gains after the EIA weekly data whilst also being buoyed by a sliding US dollar.
  • EIA weekly data showed a 4.5mn bbl increase in crude stocks – which were supported by a net 1mn bbl increase in imports. Gasoline stocks saw a small decline while implied demand on a four-week average reached 9.2mn bpd - the highest four-week average since late 2021 and on a seasonal basis since 2019.
  • Crude’s gains come ahead of this weekend's OPEC+ meeting which many analysts thought would lean more heavily towards extending cuts if Brent goes sub-$70/bbl this week – a move now looking less likely.
  • WTI is +3.0% at $70.12, unwinding yesteday’s slide but not making much ground into Tuesday’s decline, with resistance seen at $73.82 (50-day EMA).
  • There have been heavy volumes in the CLN3 today at $75/bbl calls (14.4k cumulative at typing), whilst $60/bbl strikes (9.2k) lead activity for puts.
  • Brent is +2.3% at $74.28, also off resistance at the 20-day EMA of $76.10.
  • Gold is +0.7% at $1976.95 off a high of $1983.10 that punched through resistance at the 50-day EAM of $1975.4 with USD weakness and lower Treasury yields
Energy BulletsCommodities
Energy BulletsCommodities

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