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Oil Chips Away At Week's Gains and Pemex Lags International Peers

COMMODITIES
  • Crude oil falls back after gains in the last two days that set it up for a small increase on the week.
  • Pemex posted a surprise quarterly loss as a depreciating peso and higher cost of importing fuel weigh, in contrast to profits reported by its major international peers, one of which being Exxon which has been chided by Biden for its investor payouts.
  • WTI is -1.2% at $88.01, remaining below resistance at $89.79 (Oct 27 high) but equally not testing support at $85.62 (20-day EMA) with a low of $87.08.
  • Brent is -1.2% at $95.82, remaining below key near-term resistance at $98.75 (Oct 10 high) but above support at the 20-day EMA of $93.00.
  • Gold is -1.3% at $1641.4, suffering from a firmer dollar plus a rebound in US yields. It came close to testing support at $1638.4 (Oct 25 low) with the bear trigger of $1615.0 (Sep 28 low) below that.
  • Weekly moves: WTI +3.5%, Brent +2.5%, Gold -1.0%, US nat gas +15%, EU TTF nat gas 0%, the latter after EU gas storage neared 94% according to GIE data, helped by gas use dropping 14% in August compared to the 5y average and hitting the targeted 15% reduction in September.
Energy BulletsCommodities
Energy BulletsCommodities

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