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Crude Starts To Near Resistance As Tight Supply Wins Out

COMMODITIES
  • Crude oil has seen further solid increases today as a tighter supply outlook wins out over softer demand concerns, with solid USD strength and rising Treasury yields doing little to dent latest increases.
  • Earlier, Kuwait rowed back comments in Al Arabiya that it was requesting an OPEC+ quota increase whilst BofA retained its average 2023 price forecasts with Brent at $80/bbl and WTI at $70/bbl as the global oil supply balance should remain tight. It is seen supported by additional OPEC+ cuts, slower non-OPEC growth and rebounding demand from Asia.
  • WTI sits in the order of +1.3% from late yesterday levels but with no formal close from Independence Day at $71.95 (+3.1% from Monday’s close). It moves closer to resistance at $72.72 (Jun 21 high) after which lies key resistance at $75.70 (Jun 5 high).
  • Brent is +0.6% at $76.72 as it nears resistance at $77.25 (Jun 21 high) after which sits a bull trigger at $78.47 (Jun 5 high).
  • Gold is -0.5% at $1916.25 as it comes under renewed pressure late on with the FOMC minutes failing to provide a dovish angle with a continued bid for the USD. It remains above support at $1893.1 (Jun 29 low).
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