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Crude Oil Buoyed By Supply Restrictions Whilst Gas Spikes On Transport Fears

COMMODITIES
  • Crude oil is currently up 1-1.5% today, helped by supply restrictions from Kazakhstan amid wider underproduction by OPEC+ members and despite a slightly larger stock build than expected for crude in updated EIA data. However, diesel prices fell sharply with the biggest increase in stockpiles of the year last week and the 4-week rolling implied demand for gasoline and distillate falling below 2020 levels.
  • WTI is +1.5% at $88.62, next eyeing resistance at the 50-day EMA of $91.84.
  • Brent is +1.15% at $94.24, through yesterday’s high of $95.53 with 95.79 before retreating and next opening resistance at the 50-day EMA of $96.67.
  • Gold is -0.35% at $1696.18 on a more muted session for USD and Tsy yields, at session lows and moving nearer the bear trigger at $1681.0 (Jul 21 low).
  • Henry Hub natural gas meanwhile has increased 10% today, partly on fears that an extended strike of railroad workers could limit deliveries, intensifying with Amtrak cancelling all long distance trains starting Sep 15.
Energy BulletsCommodities
Energy BulletsCommodities

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