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Crude Sees A Late Slide To End Fifth Week Lower

COMMODITIES
  • Crude futures have seen a sizeable decline late in the session to leave them lower for the fifth consecutive week.
  • Middle East tensions, which have been a big driver of oil since October 6 Hamas attacks, are easing after successful hostage swaps Friday.
  • The upcoming OPEC+ meeting remains heavily in focus. Bloomberg and Reuters sources led stories Friday remain supportive of a deal being reached between Nigeria and Angola for revised 2024 production quotas.
  • It allows the group to focus on the more pressing issue of cut rollovers or the potential of collective further cut efforts with Saudi seemingly unlikely to bear any more burden alone where further cuts are concerned. Russia’s intent remains under question while Iran’s production increases this year with - more expected in the short term - have provided further headaches for Saudi.
  • WTI is -2.5% at $75.18. It remains within Wednesday’s wide ranges on the initial uncertainty surrounding the upcoming OPEC+ meeting, after which lies support at $72.37 (Nov 16 low).
  • Brent is -1.5% at $80.23, still above support at $76.60 (Nov 8 low).
  • Gold is +0.4% at $2000.82, gaining through the session as the USD index has faded. Resistance remains at the bull trigger at $2009.4 (Nov 7/Oct 27 high) having come close in the prior two sessions.
  • Weekly moves: WTI -1.1%, Brent -0.5%, Gold +1%, US HH nat gas -6.8%, EU TTF nat gas +3.5%
Energy BulletsCommodities
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