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Oil Slides With Increased Supply After Product Demand Concerns

COMMODITIES
  • Improved risk sentiment through the day has seen crude oil prices only partially recovered from sliding through the European session on a combination of Libyan production ramping up again quite substantially, the Russian gas situation easing as Nord Stream 1 flows reached 40% of capacity and continued spillover from implied weak US gasoline demand.
  • More recently Putin and Saudi Crown Price bin Salman will continue oil cooperation, whilst there has also been a curveball thrown up by Reuters sources reporting the Nord Stream turbine returning from Canada has been stuck in transit in Germany because Russia has so far not given the go-ahead to transport it back.
  • WTI is -3.65% at $96.19, stepping back from resistance eyed at the 50-day EMA of $102.29 but still easily above support at $91.64 (Jul 15 low).
  • Brent is -3.7% at $103.76, also away from the 50-day EMA of $107.46 having tested it yesterday.
  • Gold on the other hand has jumped +1.1% to $1715.01 (with an intraday swing of 2%) after sustained downward pressure in recent weeks, helped by Tsy yields sliding through the session after the ECB’s front-loaded 50bp hike.
  • Coming before news of Russia’s blocking of the turbine transport, TTF natural gas prices had edged up just +0.4% higher.

Mixed fortunes for oil (WTI, white) and gold (spot, yellow)Source: Bloomberg

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  • Improved risk sentiment through the day has seen crude oil prices only partially recovered from sliding through the European session on a combination of Libyan production ramping up again quite substantially, the Russian gas situation easing as Nord Stream 1 flows reached 40% of capacity and continued spillover from implied weak US gasoline demand.
  • More recently Putin and Saudi Crown Price bin Salman will continue oil cooperation, whilst there has also been a curveball thrown up by Reuters sources reporting the Nord Stream turbine returning from Canada has been stuck in transit in Germany because Russia has so far not given the go-ahead to transport it back.
  • WTI is -3.65% at $96.19, stepping back from resistance eyed at the 50-day EMA of $102.29 but still easily above support at $91.64 (Jul 15 low).
  • Brent is -3.7% at $103.76, also away from the 50-day EMA of $107.46 having tested it yesterday.
  • Gold on the other hand has jumped +1.1% to $1715.01 (with an intraday swing of 2%) after sustained downward pressure in recent weeks, helped by Tsy yields sliding through the session after the ECB’s front-loaded 50bp hike.
  • Coming before news of Russia’s blocking of the turbine transport, TTF natural gas prices had edged up just +0.4% higher.

Mixed fortunes for oil (WTI, white) and gold (spot, yellow)Source: Bloomberg