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Crude Slides On Demand Pessimism

COMMODITIES
  • Crude oil futures have slumped today as demand pessimism sweeps the market. The cut in Saudi’s OSPs, robust non-OPEC supplies, and a fall in fund net-long positions indicate bearish sentiment.
  • Saudi Arabia cut all official selling prices for all regions for February, with the price for Arab Light crude to Asia falling to the lowest level since November 2021, a price list showed.
  • Libya’s NOC announced a force majeure with immediate effect for its Sharara oilfield on Sunday due to recent ongoing protests that began hitting production last Wed.
  • Global crude floating storage held on tankers stationary for at least 7 days rose to 83.69mn bbls as of January 5 - up 2.1% from 81.94mn bbls a week prior according to Vortexa.
  • WTI is -4.0% at $70.88 but still doesn’t test support at $69.28 (Jan 3 low) after which lies the bear trigger at $67.98 (Dec 13 low).
  • Brent is -3.2% at $76.26, a sizeable step back closer to support at $74.79 (Jan 3 low) with still some way until the bear trigger at $71.21 (Jun 23 low).
  • Gold is -0.85% at $2028.1 having earlier dipped below $2020 before retracing, and still with some buffer above support at the 50-day EMA of $2011.3.
Energy BulletsCommodities
Energy BulletsCommodities

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