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Oil Firms Despite Weak EIA Report, SDR Release Consideration

COMMODITIES
  • Crude oil has rebounded today despite the EIA reporting a much bigger crude inventory build than expected (+8.8mln bbls vs. Exp. -667k bbls) and with soft implied demand figures at the end of the US driving season.
  • Gains extended further despite talk of additional SPR releases from Biden officials, with increases potentially hinging on the fact that whilst Bloomberg sources say a release could be made in “November, December or January but no decision has been reached, the people said. The potential size of any additional SPR drawdown isn't known”, indicating a lack of advanced proceedings.
  • WTI is +1.6% at $83.27, having briefly traded through yesterday’s low of $81.5 to open $79.83 (Feb 18 low) before retracing. Resistance seen at $85.37 (Aug 16 low).
  • Brent is +1.1% at $88.94, also having just cleared yesterday’s low of $87.40 to open key support at $86.54 (Mar 9 low).
  • Gold is -0.65% at $1707.34, continuing the week’s swings with the dollar and Tsy yields, with a bearish threat still present as it eyed the bear trigger at $1681.0 (Jul 21 low).
Energy BulletsCommodities
Energy BulletsCommodities

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