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Global Growth Fears Driving Market, Watch US CPI

OIL

Oil prices are little changed from overnight trading and have been range trading ahead of the US September CPI data later. WTI has been in the tight range of $87.00-87.50/bbl, now at $87.11, and Brent $92.45-$92.90 and is currently $92.43/bbl.

  • WTI has broken through both its 5- and 50-day moving averages and is now headed towards the 20-day MA.
  • Global growth concerns have been weighing on commodities generally, as markets are expecting demand to fall. Confirming these fears OPEC cut its oil demand forecasts for 2022 and 2023. US and Japanese crude inventories rose in the latest data. These concerns have been driving the unwinding of last week’s output-driven rally.
  • There was further talk regarding US plans to impose a price cap on oil from Russia. Bloomberg reported that some US officials are concerned that the strategy will actually cause a jump in oil prices, as Russian President Putin has said he won’t supply anyone who participates in the cap. It remains a very sensitive issue.
Energy BulletsCommodities
Energy BulletsCommodities

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