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Crude Rises In June, Starting The Week On A Stronger Note

OIL

Oil prices ended June higher after starting on a weak note following OPEC’s decision to reduce output cuts from October but then assurances that market conditions could change that and generally positive risk appetite saw prices trend higher through the month. Crude fell moderately on Friday with US political uncertainty weighing on benchmarks following the election debate. The USD index fell 0.1%.

  • WTI fell 0.3% to $81.46/bbl to be up 6.2% in June. It rose to a high of $82.72 earlier on Friday but then fell to $80.97. The benchmark has started today higher at $81.72 due to geopolitical uncertainty in the US, Europe and Middle East. Initial resistance is at $85.78 with support at $82.79, 50-day EMA.
  • Brent eased 0.5% to $84.84 to be up almost 5% last month. It reached $86.18 before falling to $84.52. It is currently up 0.2% to $85.16. The benchmark is in a bull-mode condition as it broke resistance at $84.25. Initial resistance is at $85.78 and support at $82.79.
  • China’s June PMIs were close to expectations with manufacturing activity steady but still contracting at 49.5.
  • Baker Hughes reported a drop of 6 in the US oil rig count last week with the total down 14% y/y. There was an increase of 10 in Canada driven by oil.
  • Shipping off the coast of Yemen continues to be targeted with further reports of drones and crafts around vessels over the weekend.
  • Russia will continue exporting gasoline this month with permits extended.
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