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Crude Oil Ends A Solid Weekly Gain On A Sour Note

COMMODITIES
  • Crude oil has slipped today, unwinding yesterday’s gains but still up on the week, falling early on in the session with China aggregate financing disappointing with potential implications for softer demand and with stronger than expected bounce in US consumer sentiment (albeit to still very low levels) making little in-way.
  • Thursday’s US Gulf outage seem to have proved temporary as expected, with Shell’s Amberjack pipeline resuming at low rates and Chevron platforms restarting.
  • WTI is -1.73% at $92.70, having earlier come close to yesterday’s high of $95.05 before retreating. That continues to form resistance whilst support is seen at $87.01 (Aug 5 low).
  • Brent is -1.12% at $98.49, fleetingly clearing yesterday’s high at $100.17 to open the 50-day EMA at $101.79 before pulling back. Support is seen at $92.78 (Aug 5 low). Rhine water levels reaching critically low levels could help explain the outperformance on the day to WTI.
  • Gold is +0.6% at $1800.07 as it continues fluctuations seen through the week as it contends with Treasury yield swings and ultimately USD weakness. Resistance is eyed at the bull trigger of $1807.9 (Aug 10 high), clearance of which could open $1829.8 (38.2% retrace of Mar 8 – Jul 21 bear leg).
  • Weekly moves: WTI +4.1%, Brent is +3.7%, Gold is +1.4%, HH Gas is +9.5%, TTF Gas +5.9%
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  • Crude oil has slipped today, unwinding yesterday’s gains but still up on the week, falling early on in the session with China aggregate financing disappointing with potential implications for softer demand and with stronger than expected bounce in US consumer sentiment (albeit to still very low levels) making little in-way.
  • Thursday’s US Gulf outage seem to have proved temporary as expected, with Shell’s Amberjack pipeline resuming at low rates and Chevron platforms restarting.
  • WTI is -1.73% at $92.70, having earlier come close to yesterday’s high of $95.05 before retreating. That continues to form resistance whilst support is seen at $87.01 (Aug 5 low).
  • Brent is -1.12% at $98.49, fleetingly clearing yesterday’s high at $100.17 to open the 50-day EMA at $101.79 before pulling back. Support is seen at $92.78 (Aug 5 low). Rhine water levels reaching critically low levels could help explain the outperformance on the day to WTI.
  • Gold is +0.6% at $1800.07 as it continues fluctuations seen through the week as it contends with Treasury yield swings and ultimately USD weakness. Resistance is eyed at the bull trigger of $1807.9 (Aug 10 high), clearance of which could open $1829.8 (38.2% retrace of Mar 8 – Jul 21 bear leg).
  • Weekly moves: WTI +4.1%, Brent is +3.7%, Gold is +1.4%, HH Gas is +9.5%, TTF Gas +5.9%