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Free AccessCrude Oil Finishing Week Pushing Lower, EU Nat Gas Surges On Hot Weather
- Crude oil is ending the session on a softer note having just about been edging out gains for most of it. It ends the session at lows but off the week’s lows briefly touched yesterday after the Middle East Eye reported on a potential US-Iran deal that could have freed up 1mpbd in exports before being reported as false.
- This from GS’s Jeff Currie earlier in the day: “We will see substantial physical inventory draws because of these OPEC production cuts, particularly during the third quarter but also in the fourth quarter. That is going to push oil prices into the low 90s $/bbl”
- Also of note in natural gas space today, the TTF front month soared 19% today to the highest since 17 May on concern for tighter supplies with well above normal temperatures forecast in Europe. Added support come from tight import supplies with a current dip in US exports due to Sabine Pass maintenance, Norway LNG and field outages and potential increased LNG supply competition from Asia amid warmer weather in both regions, all contribuing to a 35% increase over the week.
- WTI is -1.5% at $70.21, with support at $69.03 (Jun 8 low) and resistance at a key short-term $75.06 (Jun 5 high).
- Brent is -1.4% at $74.88, with support at $73.58 (Jun 8 low) and resistance at $78.73 (Jun 5 high) and the short-term bull trigger.
- Gold is -0.2% at $1962.01, retreating at the USD lifts but a relatively benign drop on the day considering the lift in Tsy yields. Technical levels unchanged with the key short-term resistance at $1985.3 (May 24 high) and support at $1932.2 (May 31 low).
- Weekly moves: WTI -2.1%, Brent -1.7%, Gold +0.7%, US nat gas +3.8%, EU TTF nat gas +35%
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