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Crude Oil Clears Resistance Levels On Twin Supply and Demand Boost

COMMODITIES
  • WTI has seen further solid gains today from a combination of tighter supply and potential stimulus in China following the long-awaited Politburo meeting.
  • On the supply side: Saudi and Russia are showing signs of the pledge supply cuts while Kazakhstan’s daily oil production fell to 1.67mbbl on July 23 from 1.78m bbl on July 20 according to ministry data. The reason for the current drop is not apparent but follows a reduction due to power cuts earlier in the month.
  • Further, flow from Nigeria’s Forcados oil terminal has been halted since July 12 due to a leak at the facility with repair work reported late last week expected to take between five and 10 days.
  • WTI is +2.3% at $78.85 having cleared $77.38 (76.4% retrace of Apr 12 – May 4 bear leg) and $78.10 (Apr 24 high) to open $80.05 (Apr 18 high).
  • Brent is +2.2% at $82.85 having cleared both $81.75 (Jul 13 high) and $82.06 (76.4% retrace of Apr 12 – May 4 bear leg) to open $83.77 (Apr 19 high).
  • Gold is -0.3% at $1955.52, yielding earlier gains as USD strength built and Treasury yields climbed through the session. It pushes it closer to support at $1949.6 (50-day EMA)
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