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Crude Rallies on Saudi-Russia Output Cut Extension, Gold Slides On USD Strength

COMMODITIES
  • Crude futures are off highs but still see solid gains after Saudi Arabia and Russia in a surprise announcement pledged to extend the voluntary cuts to crude production and exports by three months until the end of the year according to Russian Deputy PM Novak and the Saudi Press Agency. The announcement saw Brent clear $90/bbl for the first time since November and push on to a high of $91.15.
  • Elsewhere, OPEC+ production cuts have resulted in a large deficit of 2.3mbpd in Q3 according to Goldman Sachs.
  • The aggregate open interest across all ICE Brent options has increased slightly compared to this time last month with calls interest up to 1.357m and put contracts at 1.050m.
  • WTI is +1.4% at $86.74, clearing $86.62 (1.382 proj of Jun 28 – Jul 13 – Jul 17 price swing) to open the round $90.
  • Brent is +1.1% at $89.97, clearing two resistance levels in $89.22 (Sep 4 high) and the round $90 to open $92.91 (Nov 17, 2022 high cont).
  • Gold is -0.8% at $1926.57 as strong USD appreciation on higher US Treasury yields has weighed heavily. It touched a low of $1925.41 but appears to have found some support at the 20-day EMA of $1926.1, with a more concerted push lower potentially opening $1903.9 (Aug 25 low).
Energy BulletsCommodities
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