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Energy Products Softer, But Above Week's Lows

COMMODITIES
  • Both WTI and Brent crude futures sit in negative territory ahead of the Tuesday open, but both benchmarks continue to hold above the week's lows printed yesterday.
  • Yesterday's clarification from OPEC+ that they would not meet US calls for increased output appear to have underpinned a floor in markets, making $65.15 and $65.73 as key supports going forward.
  • US advance retail sales data as well as industrial production takes focus going forward, with markets also watching the post-market release of the API inventories data.
  • Gold continues to climb and is approaching its next firm resistance at $1798.7, the 50-day EMA. This contrasts with the technical outlook for silver, after the confirmation of a death cross in the DMA space highlighted the current bearish theme. Recent price action since Aug 9, has also taken on the appearance of a bear flag.
Energy BulletsCommodities
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