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Crude Reverses Gains Despite Dollar Reprieve

COMMODITIES
  • Crude oil has given up earlier gains, with a sharp move lower since the end of the London session into the WTI settle despite a bounce in the S&P e-mini and the USD paring earlier appreciation.
  • The market continues to weigh crosscurrents from OPEC+ output cuts and soft economic growth particularly in China.
  • Crude in floating storage and stationary for at least seven days fell by 7% on the week to 111.96m bbl as of Aug. 18, according to Vortexa.
  • The US oil rig count data showed a ninth decline in ten weeks according to the Baker Hughes data. The US crude oil rig count is now down to the lowest since March 2022 at 520. On the flip side, Kazakhstan’s daily oil production rose to 234.3k mt as of Aug. 20, surpassing the levels prior to electricity supply disruptions.
  • WTI (CLV3) is -0.7% at $80.09, pulling back from a high of $81.75 that remained below the bull trigger at $84.16 (Aug 10 high).
  • Brent (COV3) is -0.4% at $84.43, off the session high of $85.86 but not testing support at $82.36 (Aug 3 low).
  • Gold is +0.3% at $1894.42 as the pullback in the USD index breathes some life into the yellow metal having touched lows of $1884.89 overnight and again faded to $1885.36 mid-session. Support is seen at that overnight $1884.9 whilst resistance is seen at $1920.7.
Energy BulletsCommodities
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