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Mixed Session For Crude, OPEC+ Eyed Tomorrow

COMMODITIES
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  • Crude oil has seen a mixed session with WTI gaining but Brent slipping, with some of the differential perhaps helped by EIA data showing a 20kbpd uptick in oil demand whilst crude production slipped 0.3% to 12.375mbpd in November.
  • Analysts expect no change to OPEC+ policies with tomorrow's meeting.
  • In earnings news, ExxonMobil reported record profits of $55.7B for 2022 (prior record of $45B in 2008), following prior news of record profits at Chevron of $36.5B.
  • WTI is +1.4% at $78.93, moving back closer to initial resistance at $80.49 (Jan 30 high) after which sits $82.66 (Jan 18 high). Some covering in front contract options though, with by far the most active strikes in CLH3 today in $70/bbl puts.
  • Brent is -0.5% at $84.47 having pushed higher after testing support at $83.76 (Jan 19 low) earlier in the session.
  • Gold is +0.3% at $1929.74, gaining later in the session as US depreciation continued to extend well after softer US data. It sits between resistance at $1949.2 (Jan 26 high) and support at $18999.5 (20-day EMA).
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  • Crude oil has seen a mixed session with WTI gaining but Brent slipping, with some of the differential perhaps helped by EIA data showing a 20kbpd uptick in oil demand whilst crude production slipped 0.3% to 12.375mbpd in November.
  • Analysts expect no change to OPEC+ policies with tomorrow's meeting.
  • In earnings news, ExxonMobil reported record profits of $55.7B for 2022 (prior record of $45B in 2008), following prior news of record profits at Chevron of $36.5B.
  • WTI is +1.4% at $78.93, moving back closer to initial resistance at $80.49 (Jan 30 high) after which sits $82.66 (Jan 18 high). Some covering in front contract options though, with by far the most active strikes in CLH3 today in $70/bbl puts.
  • Brent is -0.5% at $84.47 having pushed higher after testing support at $83.76 (Jan 19 low) earlier in the session.
  • Gold is +0.3% at $1929.74, gaining later in the session as US depreciation continued to extend well after softer US data. It sits between resistance at $1949.2 (Jan 26 high) and support at $18999.5 (20-day EMA).