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Oil Consolidates Whilst Gas Slides As EU Looks At Crisis Measures

COMMODITIES
  • Crude oil dips in what is broad consolidation of Friday’s sharper slide on demand fears.
  • Germany is extending the life of its remaining nuclear plants, both the EU and White House don’t expect an Iran nuclear deal coming soon, a survey from law firm Haynes & Boone notes banks are less eager to lend to oil companies than six months ago and President Bolsonaro has said Brazil should refine oil for its self sufficiency in five to six years.
  • WTI is -0.5% at $85.20 having fleetingly cleared support at $84.94 (50% retrace of Sep 26 – Oct 10 rally) to open $82.89 (61.8% retrace).
  • Brent is -0.4% at $91.29 having also fleetingly cleared support at $91.08 (Oct 13 low) to next open $90.59.
  • Gold is +0.44% at $1651.77 with support remaining at $1640.2 (Oct 14 low) and resistance at $1684.0 (Oct 11 high).
  • EU natural gas prices meanwhile fell -10% as the EU prepares measures to curb volatility with additional help from mild weather, a steady inflow of liquefied natural gas and high winter stockpiles.
Energy BulletsCommodities
Energy BulletsCommodities

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