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Oil Supported By Large Draw In US Inventories

COMMODITIES
  • Crude oil prices have bounced after yesterday’s slide ahead of the possibility of a nuclear deal with Iran, boosted the largest draw on US crude inventories since September.
  • WTI is +0.7% at $90.0, having fleetingly cleared initial support of $88.51 (Feb 8 low) before bouncing. A larger clearance would next open $86.34 (Jan 31 low) whilst resistance is $93.17 (Jan 4 high) as the outlook remains bullish.
  • On a below average day for futures volumes, the most active strikes in the H2 contract have been $85/bbl puts followed by $90/bbl calls.
  • Brent is +1.2% at $91.84, with support seen at $89.93 (Feb 8 low) and resistance at $94 (Feb 7 high) with the outlook remaining bullish.
  • Gold is up another 0.4% today at $1833.49 ahead of tomorrow’s US CPI print. It edges nearer to the bull trigger of $1853.9 (Jan 25 high) and further from the bear trigger of $1780.4 (Jan 28 low).
Energy BulletsCommodities
Energy BulletsCommodities

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