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Free AccessCrude Oil Clears 20-day EMAs As Demand Firms
- Crude oil has gained strongly today with rising oil demand and some potential carry-over in risk on sentiment from yesterday’s softer US CPI inflation, before some late US supply disruption.
- OPEC sees global oil demand rising 3.1mbpd in 2022 (a decrease of -260kbpd from previous forecast) vs the IEA seeing a 2.1mbpd increase (+380k from previous) and Goldman see crude oil demand increasing from here with Brent forecast at $130/bbl by year-end and gasoline above $5.
- Brief pop higher and then quick retracement on news of a leak at the Fourchon booster station in Louisiana pushing Shell to shut its Mars, Ursa and Olympus oil & gas fields as well as Mars and Amberjack pipelines in the Gulf of Mexico, followed by Chevron also shutting some oil fields.
- WTI is +2.7% at $94.35 having earlier cleared the 20-day EMA at $94.40, next opening the 50-day EMA at $98.12. Strong price gains elicit some protection taken out with the most active strikes of the day in the CLU2 at $85/bbl puts.
- Brent is +2.3% at $99.62 having cleared the 20-day EMA at $99.12, next opening the 50-day EMA at $101.79.
- Gold is -0.24% at $1787.84 after a mixed session, moving lower as Tsy yields ultimately moved higher but with moves limited by a weaker dollar. It has cleared trendline resistance of $1794.6 in recent days before pulling back, leaving resistance next eyed at the bull trigger of $1807.9 (Aug 10 high) and key short-term support at $1754.4 (Aug 3 low).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.