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Oil Buoyed By Near-Term Supply Disruptions

COMMODITIES
  • Crude oil has settled higher for the first time in four sessions has pushed higher for most of the day with only a modest trimming of earlier gains as McCarthy pushed back on previously more optimistic-sounding debt ceiling progress.
  • Increases are buoyed by short-term supply disruptions. Notably, further Canadian wildfires are still a risk to Canadian oil sands output after a heat wave resulted in an increase in fires over the weekend. Production has been gradually returning following outages last week with Vermilion Energy today saying 60% of the shut in production has been restored.
  • Separately, crude oil exports from Iraq’s northern fields in the Kurdistan region have yet to restart despite Iraq’s desire to resume flows on Sat 13 May. Approximately 470kbpd of production has been missing from the market since 25 March.
  • WTI is +1.4% at $71.03 off an intraday low of $69.41 as it shifts closer to resistance at $73.93 (Apr 28 low).
  • Brent is +1.4% at $75.17 off resistance at $77.61 (20-day EMA).
  • Gold is +0.2% at $2015.0 having gyrated its way higher with the USD index steadily unwinding Friday’s sizeable gain. Resistance remains considerably to the upside at $2063.0 (May 4 high).
Energy BulletsCommodities
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