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Oil Sees A Late Boost As Biden Official Look To Replenish Reserves

COMMODITIES
  • Crude oil slipped with stronger than expected US CPI before seeing a partial rebound as Biden officials said they are considering refilling reserves when crude dips below $80/bbl. It follows the DOE yesterday confirming that stocks within the SPR had dropped to 431M barrels, the lowest level since Oct-1984.
  • Earlier in the session, Saudi Arabia told OPEC that it raised its crude production to just over 11mbpd last month, only the third time it has reached this pace, whilst some 26 energy companies have sought Norway's permission to drill for oil and gas in this year's predefined areas licensing round.
  • WTI is -0.1% at $87.69. The bearish threat remains present with the bear trigger at $81.20 (Sep 8 low) whilst initial resistance is seen at the intraday high of $89.27, after which sits the 50-day EMA of $92.02.
  • Brent is -0.5% at $93.57, having briefly cleared resistance at $95.17 (Sep 12 high) with resistance seen at $96.82 (50-day EMA).
  • Gold is -1.2% at $1703.99 as it suffers with the surge in Tsy yields on the expectations of higher Fed rates for longer. The trend outlook remains bearish and continued downward momentum would open the bear trigger at $1681.0 (Jul 21 low).
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