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Oil Slides Towards Late June Lows, Gold Still Tests 50-day EMA Support

COMMODITIES
  • Crude prices are heading for their lowest levels since late June, amid signs of further bolstered US production, continued scepticism towards OPEC+ output cuts, and a continued weak economic outlook.
  • Elsewhere, the EIA Short Term Energy Outlook has revised its estimate for global oil supply in 2024 to 102.19m b/d, down from 102.55m b/d in November’s report.
  • A biofuel tanker was struck by a missile in the Red Sea Monday, launched from Houthi controlled territory in Yemen. The tanker was bound for Italy.
  • Chevron has increased its crude production in Venezuela to 150kbpd, from 50kbpd prior to the US sanction relief in October.
  • WTI is -3.7% at $68.65 off a low of $68.22, pushing through support at $68.80 (Dec 7 low) to open $67.28 (June 23 low).
  • Brent is -3.6% at $73.31 off a low of $72.86, through $73.50 (Jul 6 low) to open $71.45 (Jun 23 low) after which lies key support at $69.86 (May 4 low).
  • Gold is -0.1% at $1979.95, consolidating yesterday’s slide. It’s off an earlier low of $1977.46 that just about held above yesterday’s low of $1975.93, although some support is seen at the 50-day EMA of $1978.4.
Energy BulletsCommodities
Energy BulletsCommodities

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