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Crude Oil Supply Concerns Helps Offset USD Strength, But Gold Nears Key Support

COMMODITIES
  • WTI has seen strong intraday increases in the second half of the day to sit higher on the day, as further attacks in the Red Sea and additional outages in North Dakota offset a higher US dollar and wider economic concerns.
  • White House National Security Adviser Sullivan has released a statement confirming that the Houthi rebels in Yemen have been re-designated as a 'specially designated terrorist group'.
  • UKMTO has received a report of an incident 60 miles Southeast of Aden, Yemen Jan. 17. The master reports the vessel has been hit on the Port side by an uncrewed aerial system.
  • Global oil markets are able to cope with Red Sea disruptions in the short term, but prolonged attacks could lead to tanker shortages in an already tightening oil market, Aramco CEO, Amin Nasser, told Reuters.
  • North Dakota oil production is down about 650-700k barrels per day, gas output off 1.7-1.9 bcf per day due to freezing weather - state pipeline authority.
  • WTI is +0.35% at $72.65, off a low of $70.50 that came closer to support at $69.28 (Jan 3 low).
  • Brent is -0.35% at $78.01, off a low of $76.50 that still sat above support at $74.79 (Jan 3 low).
  • Gold is -1.1% at $2005.84 for another large decline amidst USD strength, pushing through supports at $2017.3/2013.4 (50-day EMA/Jan 11 low) to next open a key support at $1973.2 (Dec 13 low).
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