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Oil Bid Returns Having Got Past OPEC+

COMMODITIES
  • Crude oil futures have increased 1.5% today, nudging Brent above $80/bbl.
  • Oil was steady after OPEC+ approved the 400kbpd production increase for Feb (as expected) although its analysts saw a smaller surplus in 1Q22 than previously thought.
  • Separately, there appeared some support for oil prices as Texas Eastern announced a compressor will be out of service for repairs, hampering the gas delivery system to north-eastern US.
  • WTI is +1.4% at $77.1 having earlier tested the initial resistance level of $77.44 (76.4% retracement of Oct-Dec downleg). Next resistance is $78.59 whilst support is seen at $74.27, the Jan 3 low and a key short-term support.
  • Brent is +1.5% at $80.1, breaking through $80.03, the Dec 29 high and bull trigger. Next resistance is seen at $81.17 whilst previous support was seen at $77.04, yesterday’s intraday low.
  • Gold meanwhile has bounced 0.7% to $1814. Key near-term resistance is seen at $1831.9 (Jan 3 high) whilst initial support is yesterday’s low of $1798.5.
Energy BulletsCommodities
Energy BulletsCommodities

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