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Lowest Levels Since Mid-June

OIL

Yesterday saw oil fall to its lowest levels since mid-June yesterday breaking through a number of key technical areas such as the 50-day EMA with our technical analyst noting that these moves reinforce the bearish narrative. Negative sentiment surrounding US-China relations seems to have been the trigger for the moves lower and overnight we have failed to see any rebound in crude.

  • Our tech analyst notes for Brent that attention is on $39.25 next, a Fibonacci retracement and $37.94, the Jun 12 low. Initial resistance is at $42.23, yesterday's high.
  • For WTI these levels equate to $35.94 next, a Fibonacci retracement and $35.25, the Jun 12 low. On the upside, resistance is $39.59, yesterday's high.
  • We also note that API inventories will be released later today (a day later due to Labor Day) and the DOE inventory data will also be a day later than usual, released tomorrow.
Energy BulletsCommodities
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