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Crude Oil Ending Mixed Week Flat

COMMODITIES
  • Crude oil is ending the week largely flat courtesy of an almost 4% gain today, likely buoyed by dollar weakness plus some expectations of a potential tightening from OPEC+ after on Monday saying it could take additional steps if needed. It comes despite the sizeable US inventories build and weak demand from growing China lockdowns.
  • WTI is +3.6% at $86.57, reversing a bearish threat by clearing resistance at $85.37 (Aug 16 low) to open the 20-day EMA at $89.25.
  • Brent is +3.9% at $92.65, clearing the recent breakout level of $90.95 (Aug 17 low) and moving closer to the 20-day EMA of $94.80.
  • Gold is +0.4% at $1714.96 as dollar weakness clashes with rising front-end Tsy yields on hawkish Fedspeak. It briefly cleared resistance at $1728.3 (Sep 6 high), opening $1731.4 (20-day EMA) before slipping on a rebound in the DXY.
  • Weekly moves: WTI -0.03%, Brent -0.34%, Gold +0.2%, US Nat Gas -13.3%, TTF Nat Gas -2.7%
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