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Energy Prices Down On Lockdown Fears

COMMODITIES
  • Brent and WTI crude futures were weighed down by lockdown fears, falling -3-3.5% as Austria re-instated pandemic measures for both vaccinated and unvaccinated populations alike.
  • News later in the day that Germany wasn't planning a "general" lockdown helped prices stabilise but no material bounce was forthcoming. Prices continued to trade heavy, with White House spokesperson Psaki reiterated that the US has been in touch with a number of countries about oil prices.
  • Brent retains a bearish near-term outlook, having broken the short-term support of $80.20 (Nov 4 low) and is closing in on the first support level of $78.42 (Oct 7 low).
  • Similar story in WTI, which at $76.24 is through $77.23 (Nov 4 low) and is approaching the first support level of $75.02.
  • Separately, gold has dipped -0.6% in recent trade to $1848.45 in a partial retracement after a clear break of resistance at $1834 last week (Sep 3 high).
  • Key event risk next week include Biden's long-awaited decision on Fed chair at some point, preliminary global PMI data on Tue and the Fed minutes minutes on Wed before Thanksgiving in the US on Thu.
Energy BulletsCommodities
Energy BulletsCommodities

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