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Crude Supported By Keystone Delay

  • Crude oil has bounced today after last week’s double digit percentage decline, rising more than 2%. It is bolstered by TC Energy saying there is no timeline for the restart of the Keystone conduit plus some potential substitution effect from US nat gas prices surging on colder than usual weather.
  • China’s ambassador to the US Qin Gang saying he believes there will be further relaxation of Covid measures has seen relatively little boost for the space.
  • WTI is +3.0% at $73.18 in a reversal having earlier cleared the round number support at $71.00. Resistance remains some way off at $78.23 (20-day EMA) after sliding last week.
  • Brent is +2.5% at $77.98 having come close to testing support at $75.11 (Dec 8 low) and with resistance remaining some way off at $80.81 (Nov 28 low).
  • Gold is -1.0% at $1779.32, suffering with US yields and the USD climbing. Resistance remains at $1807.9 (Aug 10 high) having come very close to testing it on Friday, whilst support remains at the 20-day EMA of $1761.8.

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