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Oil Consolidates Weekly Decline Whilst Gold Sees Mild Respite

COMMODITIES
  • Oil sees a particularly narrow range to end the week down 1.5-2% as demand fears have outweighed supply-side risks, with strong US inflation forcing yields higher for much of the week along with separate concerns over US distillate demand.
  • WTI is +0.05% at $85.16 as the trend outlook remains bearish. Bear trigger at $81.20 (Sep 8 low) and resistance at $90.19 (Sep 14 high).
  • Brent is +0.6% at $91.37 as the trend outlook remains bearish. Support at $90.03 (Sep 15 low) with the bear trigger at $87.24 (Sep 8 low), whilst resistance is at $95.80 (Sep 14 high).
  • Gold is +0.6% at $1675.52 after a torrid week for the yellow metal that saw it fall through key support on Fed hike fears. Resistance is seen at $1688.9 (Sep 1 low) whilst support is the intraday low of $1654.2.
  • Weekly moves: WTI -1.8%, Brent -1.6%, Gold -2.4%, US Nat Gas, -2.7%, TTF Nat Gas -9.7%
Energy BulletsCommodities
Energy BulletsCommodities

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