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Natural Gas Slides On Reduced Short-Term Disruption Fears

COMMODITIES
  • Another volatile session for crude oil, on balance edging lower on weak China demand, with volatility from uncertainty of both demand and supply. Goldman sees WTI averaging $99.8/bbl in 2022, $105/bbl 2023, Brent averaging $104.2/bbl in 2022, $110/bbl 2023.
  • European gas meanwhile saw large declines, with TTF falling -13% due to the warm start to the winter and increasing storage levels to 93.4%, easing fears of short-term supply disruptions.
  • WTI is -0.4% at $84.70, with resistance seen at $87.14 (Oct 20 high) and support at $81.3 (Oct 18 low).
  • Relatively limited activity in CLZ2 strikes today, with the most active seen in $85/bbl and $90/bbl calls followed by $75/bbl puts.
  • Brent is -0.2% at $93.34, with resistance seen at $95.17 (Oct 12 high) and support at $88.67 (61.8% retrace of Sep 26 – Oct 10 rally).
  • Gold is -0.4% at $1651.4, extremely briefly touching a high of $1670.5 that forms initial resistance with sterner resistance potentially at the 50-day EMA of $1693.4, whilst support is seen at the bear trigger of $1615 (Sep 28 low).
Energy BulletsCommodities
Energy BulletsCommodities

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