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OIL:  Oil Pares Back Early Losses into the US Close.

OIL
BulletEnergy BulletsCommodities
  • Oil had an up and down day initially falling in the US session only to rally back into the close to finish in line with where it started the day.
  • Opening at US$69.56 the early sell off saw WTI down at $68.60.
  • Supply issues and the potential for excess in 2025 are never far away from traders’ minds as news of Russian oil flows via Belarus came out.
  • Brent had a similar day opening at US$72.96, trading down to session lows of $71.98 before rallying back to $73.01.
  • As investors ponder 2025 it appears that a key indicator for Oil’s fortunes in the context of supply will be the success of the Chinese authorities in stabilizing the growth outlook for the domestic economy.
  • Today will likely see the Medium-Term Lending Rate and Volume data and whilst no rate cut is expected, the emphasis for the release will be on the volume of uptake as an indicator for activity.
  • Equally in the US, oil will be watching closely for indicators from monetary policy and its impact on the dollar.
  • Despite the concerns about supply, Hedge Funds have turned bullish on oil with net long positions the most in 1 year. 
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  • Oil had an up and down day initially falling in the US session only to rally back into the close to finish in line with where it started the day.
  • Opening at US$69.56 the early sell off saw WTI down at $68.60.
  • Supply issues and the potential for excess in 2025 are never far away from traders’ minds as news of Russian oil flows via Belarus came out.
  • Brent had a similar day opening at US$72.96, trading down to session lows of $71.98 before rallying back to $73.01.
  • As investors ponder 2025 it appears that a key indicator for Oil’s fortunes in the context of supply will be the success of the Chinese authorities in stabilizing the growth outlook for the domestic economy.
  • Today will likely see the Medium-Term Lending Rate and Volume data and whilst no rate cut is expected, the emphasis for the release will be on the volume of uptake as an indicator for activity.
  • Equally in the US, oil will be watching closely for indicators from monetary policy and its impact on the dollar.
  • Despite the concerns about supply, Hedge Funds have turned bullish on oil with net long positions the most in 1 year.