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OIL: Crude Holding Gains After US Jobs Daa

OIL
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Crude holds onto earlier gains after US payrolls data showed higher than expected jobs gains for September and up-revision for prior, while the unemployment rate dips to 4.1% from 4.2%.

  • Crude markets are showing an increased risk premium from potential Israel strikes on Iran’s oil facilities although there is no impact yet on physical flows. The rally this week has reversed most of the early September declines due to market surplus risks.
  • Techincals suggests potential for a continuation higher near-term for Brent Dec24. Scope is seen for a climb towards $78.95/bbl, a Fibonacci retracement.
    • Brent DEC 24 up 0.5% at 78.01$/bbl
    • WTI NOV 24 up 0.5% at 74.06$/bbl
    • Brent DEC 24-JAN 25 up 0.12$/bbl at 0.63$/bbl
    • Brent DEC 24-DEC 25 up 0.5$/bbl at 3.47$/bbl
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Crude holds onto earlier gains after US payrolls data showed higher than expected jobs gains for September and up-revision for prior, while the unemployment rate dips to 4.1% from 4.2%.

  • Crude markets are showing an increased risk premium from potential Israel strikes on Iran’s oil facilities although there is no impact yet on physical flows. The rally this week has reversed most of the early September declines due to market surplus risks.
  • Techincals suggests potential for a continuation higher near-term for Brent Dec24. Scope is seen for a climb towards $78.95/bbl, a Fibonacci retracement.
    • Brent DEC 24 up 0.5% at 78.01$/bbl
    • WTI NOV 24 up 0.5% at 74.06$/bbl
    • Brent DEC 24-JAN 25 up 0.12$/bbl at 0.63$/bbl
    • Brent DEC 24-DEC 25 up 0.5$/bbl at 3.47$/bbl