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Crude Rangebound Friday, But Up 4% On Week

  • Crude futures have been rangebound Friday but are on track for gains of around 4% since the start of the week. Forecasts for higher global demand, attacks on Russian energy infrastructure, and continued geopolitical tensions in the Middle East have provided upside this week.
  • WTI is down 0.2% on the day at $81.1/bbl.
  • After breaking resistance at $80.85, the Mar 1 high, sights for WTI futures are on $81.70 next, a Fibonacci retracement point. On the downside, support to watch is $76.91, the 50-day EMA.
  • Meanwhile, Henry Hub has sunk on the day, relinquishing gains seen yesterday when higher-than-expected US stock draws added support. Weak demand and stable production are adding pressure, despite in an up-tick in LNG feedgas demand.
  • US natural gas APR 24 is down 5.2% on Friday at $1.65/mmbtu, putting it on course for losses of over 8% on the week.
  • Spot gold fell by 0.2% on Friday to $2,158/oz, leaving the yellow metal 1.0% lower on the week, which would be the first weekly decline in four.
  • Gold remains near record highs, however, and the trend condition is still bullish. The break above resistance at $2135.4, the Dec 4 high, signals scope for $2206.6 next, a Fibonacci projection. Firm support is at $2108.4, the 20-day EMA.

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