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Crude Oil Firms With Inventory Draw And Wait For US Public Iran Response

COMMODITIES
  • Crude oil has seen a volatile session, with a larger than expected draw in US crude inventories (3.3mln bbls vs 1.2mln expected) but only a small draw for gasoline inventories (27k vs 1.4mln expected). That came before varied speculation over the contents of the US’ response to the EU’s latest proposal to revive the JCPOA with the State Dept’s Kirby later not divulging much apart from we're closer than just a couple weeks ago but with a lot of gaps remaining.
  • WTI is +1.1% at $94.77 having cleared two resistance levels including the 50-day EMA at $94.31, next opening key resistance at $99.75 (Jul 29 high).
  • Brent is +1.0% at $101.23, moving closer to resistance at $102.41 (Aug 2/3 high).
  • Gold is +0.1% at $1750.03 although the bear cycle is seen in play with sights on $1711.1 (Jul 27 low) and key resistance at the bull trigger of $1807.9 (Aug 10 high) but first with the 20-day EMA of $1763.3 standing in the way.
  • European gas has jumped 10.6% in the UK and 8.6% for TTF on spillover from Freeport re-opening delay announced late yesterday.
Energy BulletsCommodities
Energy BulletsCommodities

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