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OIL: Oil Struggles Later On Friday As US Output Coming Back Online

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Oil prices were moderately higher on Friday and prices are now up over 5% since last Tuesday’s low boosted by Hurricane Francine impacting Gulf production but also the market flashing oversold. However, it remains pessimistic on the demand/supply outlook and prices are down around 6% in September. Benchmarks were weak though during Friday’s US session as output recovers following Francine. The USD index is down 0.3%.

  • WTI rose 0.4% to $69.24/bbl but after reaching $70.32 it fell to $68.47. Today it has taken a step down and is currently around $68.86. Saturday’s China data dump was weaker than expected with apparent oil demand down 5.9% y/y. Last week’s sell off confirmed an extension of the bear cycle. Initial support is at $65.27, while resistance is at $71.32, 20-day EMA.
  • Brent increased 0.3% to $72.18/bbl after a high of $73.24, which broke resistance at $72.87, followed by a low of $71.46. It is currently lower at $71.73. The benchmark is in a clear downtrend and the rebound since Tuesday is seen as corrective. Initial support is at $68.68. The downtrend is in oversold territory.
  • On Friday around 42% of US Gulf of Mexico output was still shut in following Hurricane Francine with around a third of platforms evacuated and 2 rigs, according to the Bureau of Safety and Environmental Enforcement. But production is now being brought back on line as repairs are completed and the rig count rising. 
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Oil prices were moderately higher on Friday and prices are now up over 5% since last Tuesday’s low boosted by Hurricane Francine impacting Gulf production but also the market flashing oversold. However, it remains pessimistic on the demand/supply outlook and prices are down around 6% in September. Benchmarks were weak though during Friday’s US session as output recovers following Francine. The USD index is down 0.3%.

  • WTI rose 0.4% to $69.24/bbl but after reaching $70.32 it fell to $68.47. Today it has taken a step down and is currently around $68.86. Saturday’s China data dump was weaker than expected with apparent oil demand down 5.9% y/y. Last week’s sell off confirmed an extension of the bear cycle. Initial support is at $65.27, while resistance is at $71.32, 20-day EMA.
  • Brent increased 0.3% to $72.18/bbl after a high of $73.24, which broke resistance at $72.87, followed by a low of $71.46. It is currently lower at $71.73. The benchmark is in a clear downtrend and the rebound since Tuesday is seen as corrective. Initial support is at $68.68. The downtrend is in oversold territory.
  • On Friday around 42% of US Gulf of Mexico output was still shut in following Hurricane Francine with around a third of platforms evacuated and 2 rigs, according to the Bureau of Safety and Environmental Enforcement. But production is now being brought back on line as repairs are completed and the rig count rising.