January 20, 2023 20:08 GMT
Crude Oil Sees Second Week Of Gains On China Demand Hopes
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- Crude oil prices have continued yesterday’s push higher, reversing Wednesday’s risk-off slide for Brent and coming close to it for WTI, buoyed by a climb in e-mini S&P. In doing so, Brent is now 2.1% higher ytd and WTI 1.3%, helped broadly by China re-opening and potential supply disruptions offsetting other potential weaker demand.
- WTI is +1.2% at $81.31, moving closer to resistance at $82.38 (Jan 18 high) after which sits the key $83.27 (Dec 1 high). Most active strikes in the CLH3 have been $80/bbl puts.
- Brent is +1.8% at $87.70 off a high of $87.79 that starts to probe key short-term resistance at $87.85 (Jan 18 high) after which sits $89.18 (Dec 1 high).
- Gold is -0.2% at $1929.35 but ends a mixed week higher. Resistance remains $1935.2 (Apr 25, 2022 high).
- Weekly moves: WTI +3.7%, Brent +2.9%, Gold +0.5%, US nat gas -15%, EU TTF nat gas +3%