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Crude Supported By Stronger Demand and Russia Price Cap Notices

COMMODITIES
  • Crude has continued to trade higher on the day, holding most of its gains and reversing some losses over the previous week.
  • Prices have been supported by a more positive demand outlook from the OPEC MOMR released earlier today, raising the 2023 oil demand growth forecast by 100k b/d to 2.5mbpd.
  • A potential crack-down on those violating the G7 price cap on Russian oil also added upside, with the US Treasury sending notices to 30 ship management companies requesting information about around 100 vessels that may be in breach of the $60/bbl price cap sanctions according to a Reuters source.
  • GS has cut its Brent forecast for 2024 to 92$/bbl from 98$/bbl due to stronger supply but expects demand growth to remain robust at 1.6mbpd in 2024 according to Bloomberg.
  • WTI is +1.3% at $78.18, pushing back towards resistance at $80.20 (Oct 6 low) after which lies a key resistance at $83.60 (Nov 3 high).
  • Brent is +1.25% at $82.46 off a high of $82.80 to push through resistance at $82.20 (Oct 6 low) to open a key short-term resistance at $87.80 (Nov 3 high).
  • Gold is +0.3% at $1946.31, having recovered off a low of $1931.85 along with a pull back in the USD index. The earlier move lower cleared support at $1938.1 (50-day EMA) to open $1908.3 (Oct 16 low).
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