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Oil Ending Mixed Week On Demand Fears, OPEC+ Meeting Ahead

COMMODITIES
  • Crude oil is ending a mixed week on a softer note, led by WTI over Brent with fuel stations disrupted by Hurricane Ian coupled with an increase in US crude production.
  • OPEC+ members missed their September output target but by less than the August shortfall (1.32mbpd vs 1.4mbpd) whilst Reuters sources report that oil output cut talks narrow to 0.5-1.0mbpd ahead of next week’s meeting.
  • WTI is -2.1% at $79.51, unwinding the corrective bounce and moving closer to support at $76.11 (1.618 proj of Jul 29 – Aug 16-30 price swing).
  • Brent is -0.7% at $87.90, still a long way off support at the bear trigger of $83.65 (Sep 26 low) and with resistance at $90.52 (20-day EMA) . ICE Brent net long positions saw a modest trimming in the week ending Sep 27.
  • Gold is +0.1% at $1662.18 having earlier stopped just short of testing resistance at the 20-day EMA of $1678.3.
  • Weekly moves: WTI +1.0%, Brent +2.0%, Gold +1.1%, US Nat Gas -0.1%, TTF Nat Gas +3%
Energy BulletsCommodities
Energy BulletsCommodities

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