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Oil Squeezes Out Gains Ahead Of OPEC+

COMMODITIES
  • A volatile session sees crude oil ultimately firm slightly ahead of OPEC+ meeting tomorrow to set policy for September with OPEC+ watchers doubting Biden’s call for more oil will be fulfilled.
  • WTI is +0.6% at $94.49 after earlier coming close to testing support at yesterday’s low of $92.42, clearance of which would open the bear trigger at $88.23 (Jul 14 low). Resistance meanwhile is eyed at $101.88 (Jul 29 high).
  • Brent is +0.4% at $100.39, having cleared yesterday’s low but still above a key short-term support at $96.7 (Jul 25 low), clearance of which would strength a bearish case.
  • Gold is -0.3% at $1766.68 having initially firmed closer to resistance at the 50-day EMA of $1784.8 before pulling back as surging US Tsy yields took away some of the allure of the yellow metal. It continues to sit above the 20-day EMA of $1747.7.
  • EU natural gas increases further, with TTF up 2.2%% on tight supply and a lack of clarity on Gazprom flows elevating pricing, with potential for larger increases ahead as Rhine transportation difficulties come into focus with falling water levels.
Energy BulletsCommodities
Energy BulletsCommodities

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