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Oil Slides On Weak US Demand, Gas Volatility Continues

COMMODITIES
  • Crude oil slides despite the initial rise following OPEC+ agreeing to a small production increase of just +100k in September, helped lower by a sharp drop in US gasoline demand to sit at the lowest since Feb and more than 1mbpd below the 2015-19 average.
  • WTI is -3.2% at $91.39, through support at $94.91 (Aug 1 low) and closer to the bear trigger of $88.23 (Jul 14 low).
  • Brent is -3.2% at $97.34, also moving closer to a key short-term support at $96.7 (Jul 25 low).
  • Gold is +0.15% at $1763.3, little changed from a technical viewpoint whilst sitting above the 20-day EMA of $1748.9.
  • Natural gas meanwhile remains in focus. EU prices sees continued volatility with continued turbine back and forth on whether it can be delivered or not (NBP +2.4%, TTF -2.9%) – most recently with Gazprom saying the Western sanctions make the return of the turbine impossible.
  • Henry Hub prices in the US on the other hand surged +7% later in the session potentially coinciding with Freeport LNG’s Consent Agreement with the PHMSA plus Germany’s Uniper saying coal supplies may be limited by Rhine water levels, increasing demand for US gas in the process.
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  • Crude oil slides despite the initial rise following OPEC+ agreeing to a small production increase of just +100k in September, helped lower by a sharp drop in US gasoline demand to sit at the lowest since Feb and more than 1mbpd below the 2015-19 average.
  • WTI is -3.2% at $91.39, through support at $94.91 (Aug 1 low) and closer to the bear trigger of $88.23 (Jul 14 low).
  • Brent is -3.2% at $97.34, also moving closer to a key short-term support at $96.7 (Jul 25 low).
  • Gold is +0.15% at $1763.3, little changed from a technical viewpoint whilst sitting above the 20-day EMA of $1748.9.
  • Natural gas meanwhile remains in focus. EU prices sees continued volatility with continued turbine back and forth on whether it can be delivered or not (NBP +2.4%, TTF -2.9%) – most recently with Gazprom saying the Western sanctions make the return of the turbine impossible.
  • Henry Hub prices in the US on the other hand surged +7% later in the session potentially coinciding with Freeport LNG’s Consent Agreement with the PHMSA plus Germany’s Uniper saying coal supplies may be limited by Rhine water levels, increasing demand for US gas in the process.