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Oil Finishing A Volatile Week Nudging Higher

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  • Crude oil is finishing a volatile week nudging higher. Continued supply worries dominate, most recently including a South Korean refinery explosion and the US looking to rule out importing any oil from Iran or Venezuela. The weekly US rig count jumped more than expected but production has been rising accordingly so far this year.
  • The demand side has been more mixed from China, with Shanghai partly easing lockdown restrictions but further restrictions elsewhere plus mass testing starting in five districts in the port city Tianjin.
  • WTI is +0.6% at $112.87 for +2.1% on the week after a fleeting clearance of $113.2 (May 17 high).
  • Brent is +0.4% at $112.51 for +0.9% on the week. Resistance remains at $115.69 (May 17 high).
  • Gold is unchanged at $1841.66 to leave it up a solid +1.7% on the week as haven demand and a falling dollar drive it higher. Resistance eyed at $1858.8 (May 12 high) with support at $1807.5 (May 18 low).
  • Russia will cut gas supplies to Finland from Saturday in retaliation to its application to join NATO, although gas making up just 5% of Finland’s energy mix. TTF natural gas fell -3.4% today for -9% on the week.
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  • Crude oil is finishing a volatile week nudging higher. Continued supply worries dominate, most recently including a South Korean refinery explosion and the US looking to rule out importing any oil from Iran or Venezuela. The weekly US rig count jumped more than expected but production has been rising accordingly so far this year.
  • The demand side has been more mixed from China, with Shanghai partly easing lockdown restrictions but further restrictions elsewhere plus mass testing starting in five districts in the port city Tianjin.
  • WTI is +0.6% at $112.87 for +2.1% on the week after a fleeting clearance of $113.2 (May 17 high).
  • Brent is +0.4% at $112.51 for +0.9% on the week. Resistance remains at $115.69 (May 17 high).
  • Gold is unchanged at $1841.66 to leave it up a solid +1.7% on the week as haven demand and a falling dollar drive it higher. Resistance eyed at $1858.8 (May 12 high) with support at $1807.5 (May 18 low).
  • Russia will cut gas supplies to Finland from Saturday in retaliation to its application to join NATO, although gas making up just 5% of Finland’s energy mix. TTF natural gas fell -3.4% today for -9% on the week.