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Oil Continues to Price Thawing of Russia/West Tensions

COMMODITIES
  • WTI and Brent crude futures sit in minor negative territory, holding the bulk of the losses seen Tuesday as markets priced in a possible thaw in relations between the West and Russia as well as progression for the Iranian nuclear deal.
  • Today's DoE inventory data takes focus going forward, with markets expecting a build of 1.3-1.7mln bbls across both headline crude and gasoline stockpiles. Distillate stocks are expected to drag, with the median forecast for a 1.5mln bbls draw on reserves.
  • The flurry of meetings between politicians and diplomats from Russia, Ukraine, the US, and NATO members continues today, with UK Foreign Secretary Liz Truss visiting Moscow for a two-day trip. She will meet with her Russian counterpart Sergey Lavrov and, like all other Western visitors to Moscow in recent weeks, encourage de-escalation around the Ukrainian border.
  • WTI futures remain in a clear uptrend however the contract appears to have entered a corrective cycle. The focus is on a climb towards $94.13 next, 2.618 projection of the Dec 2 - 9 - 20 price swing. Support to watch is at $86.34, the Jan 31 low.
  • Gold has continued to strengthen this week. The recovery has resulted in a break of initial resistance at $1822.2, the Jan 27 high. A continuation higher would expose the firmer resistance at $1853.9, Jan 25 high. A reversal lower would refocus attention on $1780.4, Jan 28 low.
Energy BulletsCommodities
Energy BulletsCommodities

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