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Crude Set For Heavy Losses On The Week, Gold Swings But Ultimately Higher

COMMODITIES
  • Crude markets are down more than 7% on the week, with further losses today amid pressure from a rising US dollar following strong US payrolls data. Slower global demand growth and rising non-OPEC output continues to weigh against Middle East conflict concerns for supply.
  • CBS News sources reported the US has a series of strikes planned in the coming days in response to the drone attack on a Jordanian outpost that killed three US service personnel last weekend.
  • US oil and gas rig count fell by 2 on the week to 619 rigs, according to Baker Hughes, the lowest since Jan. 12 and down 16.7% on the year. Oil Rigs: 499 (=), Gas Rigs: 117 (-2), Miscellaneous: 3 (=)
  • OPEC oil production fell by 490kbpd in January to 26.5mbpd, according to a Bloomberg survey but remains above its output target.
  • WTI is -2.4% at $72.07 with the sharp reversal undermining the recent bullish theme. Support is seen at $70.62 (Jan 17 low).
  • Brent is -2.0% at $77.16, with support seen at $76.13 (Jan 17 low).
  • Gold is -0.8% at $2037.7, coming under firm pressure as the USD soared after a strong payrolls report. Gold hangs onto gains for the week, buoyed by US retaliatory strike plans, and having seen a large boost amidst a then weaker USD with a high of $2065.48. Support is seen at $2033.0 (20-day EMA).
  • Weekly moves: WTI -7.6%, Brent -7.7%, Gold +0.9%, US HH nat gas -23%, EU TTF nat gas +4.4%
Energy BulletsCommodities
Energy BulletsCommodities

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