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Crude Rallies As Ground Offensive Not Off Cards

OIL

Oil prices were higher on Wednesday due to continued geopolitical tensions but they are still lower on the week. Markets rallied following Israeli PM Netanyahu’s comment suggesting there would still be a ground offensive into Gaza. The USD index is 0.3% higher.

  • WTI rose 1.9% to $85.29/bbl to be down 3.2% on the week and -4% on the month to date. It bounced off the intraday low of $82.08 to reach a high of $85.56. Resistance at $89.85, October 20 high, remains elusive.
  • Brent rose 2.2% to be around $90/bbl. It is now down 2.4% on the week and the month. It fell to a low of $86.68 and then rallied to $90.35. Resistance is at $93.79, the October 20 high.
  • EIA reported US crude inventories rose 1.37mn barrels compared with an expected drop of 450k. The SPR was unchanged. Gasoline stocks rose 156k but distillate fell 1.69mn. Refinery utilisation was down 0.5pp. US exports of crude remained high.
Energy BulletsCommodities
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