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Oil Stronger On Friday, But Weak December Shows Market Jitters

OIL

Oil prices rose over 2% on Friday boosted by stronger-than-expected US data and the Energy Department putting out a tender for 3mn barrels for March to continue refilling the SPR, but they are down more than 6% in December to date. The stronger US data helped to ease recession concerns which had weighed on the market, as did news of China’s Politburo planning to increase fiscal stimulus. The USD index rose 0.4%.

  • Non-OPEC supply remains strong driven by the US, while OPEC+ output fell 110kbd in November, according to a Platts survey. The market is yet to price in the OPEC cuts announced at the end of last month, as it continues to doubt the adherence to the new quotas.
  • WTI rose 2.8% on Friday to move above $71 to $71.26/bbl after a high of $71.63 following the Michigan consumer data. It is still down 6.2% this month. Resistance is at $72.37, November 16 low, and initial support at $68.80, December 7 low.
  • Brent is 2.2% higher at $75.65/bbl but despite this is 6.4% lower in December to date. It broke through $76 briefly to make an intraday high of $76.36. Resistance is at $79.73, 20-day EMA, and support at $73.50, July 6 low.
Energy BulletsCommodities
Energy BulletsCommodities

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