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Oil Benchmarks Shrug Off Tanker Seizure Off UAE Coast

COMMODITIES
  • Both WTI and Brent futures continued to trade heavy, extending this week's weakness and shrugging off reports of a tanker seizure in the Gulf of Oman. WTI futures extended losses, taking out Monday's low to hit the lowest levels since mid-July. Markets took out the 50-day EMA at 70.06, which switches from support to resistance. This re-initiates the downside argument, opening $65.01, Jul 20 low and the key support.
  • Reuters reported that Iranian-backed forces were believed to be behind the seizure of the tanker the Asphalt Princess, with an armed group in control of the vessel. With the situation remaining unstable, markets will likely keep watch of the situation, which may be arresting any downside pressure on energy products.
  • Gold and silver were rangebound. The gold outlook is bullish and the recent pullback was considered corrective. Price still needs to clear $1834.1, Jul 15 high to confirm a resumption of the bull cycle. This would open $1853.3, a Fibonacci retracement. Support to watch is $1790.0, Jul 23 low.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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