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Firmer, But Lagging Other Commodities

OIL

Brent has firmed through the first part of the session, last tracking near $79.50/bbl. This is 1.10% for the session but follows a lackluster end to last week, where Brent finished down slightly despite a broad based USD sell-off/risk on move in other major asset classes. Support appears firm sub the $78/bbl level for now, while a move above the 50-day EMA at $84.71 might be required to generate a more positive medium term outlook. WTI was last at $74.70.

  • Optimism around the demand outlook, particularly from China, with general positive news flow over the weekend, should keep oil dips supported, even as forward curves suggest few near term supply constraints.
  • Elsewhere, the US delayed purchases to restock reserves, as price/sale conditions were reportedly unsatisfactory. Colonial also restarted a NY fuel pipe after a leak from last week was repaired.
Energy BulletsCommodities
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