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Crude Oil Slides On Iran Deal Prospects (Again)

COMMODITIES
  • After a mixed session, crude oil has declined more than 3% with renewed prospects of eventual Iranian supply after the EU saw Iran’s response to the draft nuclear deal as constructive, with the US currently studying Iran’s response and consulting with EU allies.
  • WTI is -3.3% at $86.45 as it reinforces bearish conditions having cleared support at $86.82 (Aug 15 low) and in doing so opened $85.37 (Mar 15 low).
  • Brent is -3.03% at $92.22, clearing support at $92.78 (Aug 5/15 lows) and opening the bear trigger at $91.22 (Jul 14 high).
  • Gold is -0.2% at $1775.9 on higher UST yields but still maintains a bullish tone despite recent retracement having previously cleared trendline resistance at $1784.7. That said, support is currently eyed at the 20-day EMA of $1772.0 after which it would open a key short-term support at $1754.4 (Aug 3 low).
  • US natural gas meanwhile at one point surged 7.3% to session high of $9.37 in delayed response to Germany denying reports it will keep three nuclear plants running.
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  • After a mixed session, crude oil has declined more than 3% with renewed prospects of eventual Iranian supply after the EU saw Iran’s response to the draft nuclear deal as constructive, with the US currently studying Iran’s response and consulting with EU allies.
  • WTI is -3.3% at $86.45 as it reinforces bearish conditions having cleared support at $86.82 (Aug 15 low) and in doing so opened $85.37 (Mar 15 low).
  • Brent is -3.03% at $92.22, clearing support at $92.78 (Aug 5/15 lows) and opening the bear trigger at $91.22 (Jul 14 high).
  • Gold is -0.2% at $1775.9 on higher UST yields but still maintains a bullish tone despite recent retracement having previously cleared trendline resistance at $1784.7. That said, support is currently eyed at the 20-day EMA of $1772.0 after which it would open a key short-term support at $1754.4 (Aug 3 low).
  • US natural gas meanwhile at one point surged 7.3% to session high of $9.37 in delayed response to Germany denying reports it will keep three nuclear plants running.