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Crude Oil Supported By Surprise OPEC+ Cut, EU Gas Soars

COMMODITIES
  • Crude oil has gained strongly today, supported by OPEC+ unexpectedly deciding to cut output by 100kbpd in October, the first cut in more than a year and effectively reversing the symbolic output hike in September. Gains were trimmed after the meeting when Saudi Arabia said that the group will remain proactive.
  • WTI closed +2.24% at $88.82 off an earlier high of $90.39 which saw it move closer to resistance at the 50-day EMA of $93.48.
  • Brent closed +2.92% at $95.74 off an earlier high of $96.99 which saw it move closer to resistance at the 50-day EMA of $98.11.
  • Gold is -0.12% at $1710.11, maintaining the downtrend but with some way to run until the bear trigger of $1681 (Jul 21 low).
  • European natural gas meanwhile unsurprisingly surged after the indefinite NS1 halt, with UK gas +13% and TTF +14.6%. The EU’s Von der Leyen has pledged liquidity help for power producers. Moody's noted a complete cutoff of Russian gas will likely result in a severe recession in the Eurozone and an increase in already-high inflation, with corporate and government actions taken having eased but not erased the risks to credit quality.
Energy BulletsCommodities
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