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Oil More Stable, But No Sign of Bucking Monday Weakness

COMMODITIES
  • WTI and Brent crude futures traded on a more stable footing Tuesday, although showed little sign of wholly reversing the Monday losses.
  • Having traded back above $71.50/bbl level, WTI faded from the European morning, briefly showing back below the $70/bbl level. Despite weakness on Monday/Tuesday, WTI futures maintain a bullish outlook. Initial support is seen at $69.78, the 20-day EMA. Key support has been defined at $67.56, Sep 9 low.
  • The correction lower in NatGas markets is extending off the mid-September high, with the market lower for a fourth consecutive session. First support undercuts at the September lows at $4.378.
  • Gold and precious metals markets were more positive, with the yellow metal recouping losses toward the $1800/oz level. Despite the recovery off last week's lows, bears remain in control, and a deeper decline would open the key support at $1690.6, Aug 9 low. On the upside, initial firm resistance has been defined at $1808.7, Sep 14 high. A break of this level is required to ease bearish pressure.
Energy BulletsCommodities
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