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Oil Edges Lower Over The Week As Gold Slides On USD Strength

COMMODITIES
  • Crude oil is currently largely flat as it moves close to ending a week of two halves down a bit more -1.5%. Global slowdown worries kickstarted by softer China data and renewed hopes of an Iran nuclear deal were partially offset by a resurgence in US crude and gasoline demand.
  • On the Iran deal, unconfirmed leaked reports most recently suggest US concessions to Iran, whilst if verified could see further downward pressure on prices.
  • WTI is +0.1% at $90.62 having got close to testing resistance at the 20-day EMA of $92.37 before retreating. It still remains vulnerable though, with support at $85.73 (Aug 16 low).
  • Brent is -0.2% at $96.37, having very briefly cleared the 20-day EMA resistance of $97.56, potentially opening $100.38 (Aug 12 high) but with a bear trigger seen at $91.22 (Jul 14 low).
  • Gold is -0.6% at $1748.81 with a torrid week for the yellow metal with USD strength and Treasury yields climbing. It has traded below a first support at $1754.4 (Aug 3 low) and opens $1711.7 (Jul 27 low).
  • EU gas continues to remain in focus, most recently as Gazprom will halt Nord Stream flows between Aug 31-Sep 2, citing maintenance of a gas turbine at Portovaya and planning to restore gas flows to the current 33 mcm/day or the 20% of capacity that flows have been running at in recent weeks. The move saw TTF Sep’22 prices spike over 6% to above €260/MWh and close at a fresh record high.
  • Weekly moves: WTI -1.6%, Brent -1.8%, Gold -3%, EU Gas +18.7%, US Gas +6.2%
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  • Crude oil is currently largely flat as it moves close to ending a week of two halves down a bit more -1.5%. Global slowdown worries kickstarted by softer China data and renewed hopes of an Iran nuclear deal were partially offset by a resurgence in US crude and gasoline demand.
  • On the Iran deal, unconfirmed leaked reports most recently suggest US concessions to Iran, whilst if verified could see further downward pressure on prices.
  • WTI is +0.1% at $90.62 having got close to testing resistance at the 20-day EMA of $92.37 before retreating. It still remains vulnerable though, with support at $85.73 (Aug 16 low).
  • Brent is -0.2% at $96.37, having very briefly cleared the 20-day EMA resistance of $97.56, potentially opening $100.38 (Aug 12 high) but with a bear trigger seen at $91.22 (Jul 14 low).
  • Gold is -0.6% at $1748.81 with a torrid week for the yellow metal with USD strength and Treasury yields climbing. It has traded below a first support at $1754.4 (Aug 3 low) and opens $1711.7 (Jul 27 low).
  • EU gas continues to remain in focus, most recently as Gazprom will halt Nord Stream flows between Aug 31-Sep 2, citing maintenance of a gas turbine at Portovaya and planning to restore gas flows to the current 33 mcm/day or the 20% of capacity that flows have been running at in recent weeks. The move saw TTF Sep’22 prices spike over 6% to above €260/MWh and close at a fresh record high.
  • Weekly moves: WTI -1.6%, Brent -1.8%, Gold -3%, EU Gas +18.7%, US Gas +6.2%