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Crude Oil Reverses Early Losses But Gold Tests Support On USD Bid

COMMODITIES
  • Crude oil has reversed any pessimism seen in Asia and London trade and instead continues to push higher. Tight supplies and inventory drawdowns due to OPEC+ production cuts are providing upside, while a broader risk appetite weakness and a stronger US dollar today offer some downside.
  • The API oil inventory data is due for release today at 16:30 ET. China demand will be in focus this week with PMI data due out at the end of the week and with a demand boost expected during the upcoming Goldan Week holiday period.
  • Heavy Western Canadian Select’s discount to WTI in Alberta for Q1 has narrowed to $18.90/b from $19.61/b, according to Bloomberg sources, following regulatory approval for the expansion of Canada’s Trans Mountain Pipeline.
  • WTI is +0.9% at $90.46. Resistance is seen at $92.43 (Sep 19 high) and support at $87.17 (20-day EMA) with the uptrend remaining inteact albeit within a short-term bearish corrective cycle.
  • Brent is +0.8% at $0.8% at $94.02. Resistance is seen at $95.96 (Sep 19 high) and support at $91.12 (20-day EMA).
  • Gold is -0.8% at $1900.03 off a low of $1899.24, down heavily again from a combination of another real yield driven step higher in the USD amidst solid equity declines. It has tested $1901.1 (Sep 14 low) after which lies the bear trigger at $1884.9 (Aug 21 low).
Energy BulletsCommodities
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