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Goldman Bullish But Crude Oil Fades On Demand Concerns

COMMODITIES
  • Crude oil fades through a light US session with MLK Day on ongoing concern for global oil demand.
  • Goldman’s Currie however says “you cannot come up with a more bullish concoction for commodities” and that global oil use may rise by 2mbpd this year if international travel resumes. It follows last week making the case for $105/bbl Brent by 4Q23.
  • WTI is -1.3% at $78.85, pulling back from an intraday high of $80.22 that sets initial resistance after which sits the bull trigger at $85.59 (Jan 3 high). The latest declines in WTI and Brent don’t yet trouble support levels.
  • Brent is -1.3% at $84.18, pulling back from an intraday high of $85.59 that sets initial resistance after which sits the key $87.00 (Jan 3 high).
  • Gold is -0.2% at $1915.57, pulling back from an earlier high of $1929.03 that moves closer to testing resistance at $1934.4 (Apr 25, 2022 high).
  • Buoyed by the GS commodity outlook, aluminium has touched a seven-month high with a 1.8% rise to $2595 with Goldman targeting an average $3125/ton this year.
Energy BulletsCommodities
Energy BulletsCommodities

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