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Crude Sees Third Straight Gain Despite Inventory Build, Equities Sliding

COMMODITIES
  • Crude oil sees solid gains to mark the third consecutive increase this week. It reverses an earlier decline seen after EIA showed a build in crude and a larger than expected recovery in refinery utilisation leading to higher product inventories, despite US equities sliding today (SPX -1%).
  • In geopolitics, US Assistant Secretary for Energy Pyatt said the US is comfortable with India's approach to Russian energy, adding that the price cap coalition is working and that the US not looking to sanction India on Russian energy purchases.
  • WTI is +1.8% at $78.49, clearing the 50-day EMA of $78.34 to open $80.49 (Jan 30 high).
  • Brent is +1.7% at $85.09, clearing the 50-day EMA of $84.04 to open $86.21 (Feb 1 high).
  • Gold is +0.1% at $1875.32 in another relatively calm session after prior swings linked to the US and yields. Resistance remains at $1897.4 (20-day EMA) and support at $1861.4 (Feb 3 low).
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