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Oil Slips As Demand Fears Linger

COMMODITIES
  • Crude oil slips further, down circa 1.5% after yesterday’s decline but just about in Friday’s range as part of last week’s surge. Biden has kicked off re-evaluating the US relationship with Saudi Arabia after it led OPEC+’s decision for a planned slashing in oil output whilst Mexico has begun its Hacienda Hedge, purportedly locking in circa $75/bbl for 1H23.
  • WTI is -1.6% at $89.67 with a session low of $88.35 holding above support at the 50-day EMA of $87.53, whilst resistance remains at $93.64 (Aug 10 high).
  • Brent is -1.7% at $94.49, also holding above support at the 50-day EMA of $92.60.
  • Gold is +0.6% at $1678.8, gaining on USD weakness on the day after a solid uptrend for the greenback, but remaining some way off the bull trigger at $1729.5 (Oct 4 high).
  • On gas, the FT reports the EU wants to require companies to use a join gas purchase platform in order to help lower energy costs, hitting after close for EU energy markets with TTF +1.7% on the day.
Energy BulletsCommodities
Energy BulletsCommodities

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