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Crude Spikes On Israeli Ground Invasion Preparation

COMMODITIES
  • Crude prices spiked in the second half of the session following comments by the IDF implying expansion of operations into Gaza. WTI has been volatile throughout the day as conflicting headlines clouded the market’s assessment of the risk of further escalation with Al Jazeera earlier running potential ceasefire headlines. Despite the surge late Friday, WTI is set to finish the week down -3.5%.
  • IDF Spokesman Rear Adm. Daniel Hagari says the military has ramped up airstrikes in the Gaza Strip in the last few hours: "The Air Force is striking underground targets very significantly. Ground forces are expanding the ground activity this evening."
  • Physical crude markets have been more reflective of underlying economic weakness, a factor adding as another drag on oil at present, with signs of weak economic demand such as poor refined fuel demand figures in Europe and crude stockpile builds in the US. Physical barrels of sweeter grades like WTI are also being impacted by its high gasoline yield.
  • WTI is +2.9% at $85.65, back at highs for the past few days amidst volatility but not troubling resistance at $89.85 (Oct 20 high).
  • Brent is +3.0% at $90.59, also not troubling resistance at $93.79 (Oct 20 high).
  • Gold is +1.1% at $2006.15, up strongly and covered separately.
  • Weekly moves: WTI -3.5%, Brent -1.7%, Gold +1.3%, US nat gas +8.9%, EU TTF nat gas -1.1%.
Energy BulletsCommodities
Energy BulletsCommodities

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