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Hurricane Ian Intensifies, Energy Security Fears In Focus

  • Crude oil unwinds yesterday’s slide with a strong gain today despite sliding equities, as energy security fears rise to the fore after suspected sabotage of Nord Stream gas pipelines (with Gazprom PJSC warning the last remaining route to western Europe is at risk) plus 11% of Gulf oil production shut in by an intensifying Hurricane Ian.
  • WTI is +2.6% at $78.67, going against the bear cycle and still with some way to resistance at $84.77 (20-day EMA), whilst support is eyed at $76.11 (1.618 proj of the Jul 29, Aug 16-30 price swing)
  • Brent is +2.7% at $86.31, pushing back on the bearish extension with resistance seen at $91.36 (20-day EMA) and support at $83.65 (Sep 26 low).
  • Gold is +0.5% at $1630.52, higher against a southbound trend with support at $1621.2 (Sep 26 low) and resistance at the recent breakout level of $1654.0 (Sep 21 low).
  • HH natural gas -1.9% but TTF +7.1% on the aforementioned energy security fears.

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