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Oil Continues To Edge Out Gains With OPEC+ Fallout

COMMODITIES
  • Crude oil ekes out further, more modest gains after yesterday’s OPEC+ decision to cut output by 2mbpd starting in Nov, despite the US continuing to voice opposition, latest from WH econ adviser Deese with it “unnecessary and unwarranted” and the WH still considering the SPR among other options.
  • WTI is +0.9% at $88.56 and moves closer to $89.99 (Sep 6 high) having cleared the 50-day EMA.
  • Price gains are more limited for front contracts, potentially on the chance of additional SPR release, whilst most active strikes in CLX2 today have been $80/bbl puts.
  • Brent is +1.2% at $94.46 and moves closer to $95.54 (Sep 5 high) having cleared the 50-day EMA.
  • Gold is -0.16% at $1713.48, in a relatively narrow despite emerging USD strength on through the session. Resistance remains at $1729.5 (Oct 4 high) with support at $1695.2 (former trendline resistance).
Energy BulletsCommodities
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