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Oil Supported By Lower Rates, EIA Data

  • US rates rallying and the USD falling have provided a positive backdrop for many commodities today, with crude oil further boosted by updated EIA data stocking a build in crude and still strong distillate implied demand. Further, Hess sees global oil demand steadily increasing coming out of Covid and sees more upside to oil price than downside, whilst hedging oil production right now is too expensive.
  • WTI is +3.1% at $87.98, through resistance at $87.14 (Oct 20 high) to open $88.66 (Oct 12 high) after which sits key resistance at $92.34 (Oct 10 high).
  • Brent is +2.4% at $95.79, through resistance at $95.17 (Oct 12 high) to open key near-term resistance at $98.75 (Oct 10 high).
  • Gold is +0.8% at $1666.8 having earlier cleared resistance at $1673.6 (Oct 26 high) to open $1691.7 (50-day EMA).
  • EU natural gas prices meanwhile have bounced 4.5% (TTF) or 6.5% (NBP) as even though a price-cap is still possible this winter according to EU energy commissioner Kadri Simson, we are already well into the heating season although have been helped by mild weather.

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