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Oil Sees Supply-Led Surge Whilst Further Gas Volatility On Freeport Delay

COMMODITIES
  • Crude oil has surged nearly 4% today, partly on continued spillover from yesterday’s OPEC+ comments that it may need to cut production to stabilise the volatile market and with further boost from OPEC+ sources saying it could cut production when and if Iranian production returns along with a weaker USD. Further supply issues stem from Kazakh oil exports potentially disrupted for months due to damaged moorings.
  • Natural gas meanwhile sees yet new swings, with the projected restart of the Freeport LNG terminal in Texas pushed back to early to mid-November having been targeting a restart in October. It saw US nat gas prices slide -4.4% at $9.25/MMBtu having surged to north of $10 earlier today, but came after EU markets closed, with a sharp rise set for tomorrow’s open to further exacerbate EU energy woes.
  • WTI is +3.7% at $93.67, clearing the 20-day EMA of $91.69 and moving closer to resistance at $94.17 (Aug 11) and $94.34 (50-day EMA).
  • Brent is +3.9% at $100.21, clearing the $97.88 Aug 19 high and currently testing the 20-day EMA of $100.21.
  • Gold is +0.6% at $1746.3, a rare break from consistent declines for the yellow metal as dollar strength reverses. It remains off initial resistance eyed at $1764.9 (20-day EMA) whilst support in the event of renewed downward pressure is $1727.8 (Aug 22 low).
Energy BulletsCommodities
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