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(Z2) Primary Trend Direction Remains Down

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(Z2) Sell-Rallies Theme Intact

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EU Gas Surging on Supply and Security Risks

COMMODITIES

OIL

  • Crude and products are trading higher with increased uncertainty over Russian supplies and OPEC production targets despite the ongoing demand worries.
  • There are growing calls for an OPEC production cut and hurricane disruption to US production has also provided support to crude
  • The US EIA inventory data due shortly is expected to report small builds in crude, gasoline and distillates as well as a fall in refinery utilisation although API data last night showed a draw in gasoline.
    • Brent NOV 22 up 0.9% at 87.03$/bbl
    • WTI NOV 22 up 1.6% at 79.72$/bbl
    • Gasoil OCT 22 up 2.5% at 991.25$/mt

GAS

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OIL

  • Crude and products are trading higher with increased uncertainty over Russian supplies and OPEC production targets despite the ongoing demand worries.
  • There are growing calls for an OPEC production cut and hurricane disruption to US production has also provided support to crude
  • The US EIA inventory data due shortly is expected to report small builds in crude, gasoline and distillates as well as a fall in refinery utilisation although API data last night showed a draw in gasoline.
    • Brent NOV 22 up 0.9% at 87.03$/bbl
    • WTI NOV 22 up 1.6% at 79.72$/bbl
    • Gasoil OCT 22 up 2.5% at 991.25$/mt

GAS

Keep reading...Show less