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Gains From OPEC+ & Saudi Cut Fizzle Out With Demand Concerns

COMMODITIES
  • Crude oil gains are fizzling out, after early large increases following Saudi Arabia pledging an additional 1mbpd voluntary production cut in July. The move came after the weekend OPEC+ meeting at which other members pledged to extend existing cuts until the end of 2024. UAE secured a higher quota for next year as the lower targets for Russia, Nigeria and Angola represent little change in actual output with targets brought into line with current production levels.
  • IEA’s Birol says crude prices are likely to rise a lot more, with the market already expecting an imbalance in the oil market in 2H23 and these new measures further deepening the gap.
  • Nevertheless, WTI is up just +0.35% at $72.01 off its intraday high of $75.06 straight off the open. It doesn’t trouble support at $70.00 (Jun 2 low). The day’s most active strikes in the CLN3 have been for $80/bbl calls.
  • Brent is +0.6% at $76.59 off an intraday high of $78.73 and above support at $74.18 (Jun 2 low).
  • Gold is +0.7% at $1961.85, a decent size increase with only modest USD net depreciation on the day and Treasury yields paring earlier declines on the ISM services miss. A pre-ISM low of $1938.25 came closer to but didn’t trouble support at $1932.2 (May 31 low) whilst resistance remains at the key short-term $1985.3 (May 24 high).
Energy BulletsCommodities
Energy BulletsCommodities

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