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Oil Surges From A Host Of Factors

COMMODITIES
  • Crude oil has jumped 3-4% today with the USD weakening and yields sliding, the EU establishing legal foundation for a Russian oil price cap and EIA crude and product inventories falling contrary to expectations of an increase. There was an additional boost from further Gulf production shut ins in with the intensification of Hurricane Ian, further driving outperformance of WTI to Brent.
  • WTI is +4.2% at $81.80, clearing resistance at $80.89 (Sep 8 low) and opening the 20-day EMA of $84.17 in a sharp unwinding of recent bearish conditions.
  • Brent is +3.3% at $89.12, moving closer to resistance at the 20-day EMA of $90.88.
  • Gold is +1.9% at $1659.72 having cleared resistance at $1654 (Sep 21 low) and next opening firm resistance at $1688.0 (Sep 21 high).
  • European gas prices have jumped particularly strongly (TTF 11%, NBP 26%) following sabotaging of Nord Stream pipelines. Late on, an EU report on gas seen by Bloomberg noted lowering gas prices requires a combination of measures, with reduction of demand necessary.
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  • Crude oil has jumped 3-4% today with the USD weakening and yields sliding, the EU establishing legal foundation for a Russian oil price cap and EIA crude and product inventories falling contrary to expectations of an increase. There was an additional boost from further Gulf production shut ins in with the intensification of Hurricane Ian, further driving outperformance of WTI to Brent.
  • WTI is +4.2% at $81.80, clearing resistance at $80.89 (Sep 8 low) and opening the 20-day EMA of $84.17 in a sharp unwinding of recent bearish conditions.
  • Brent is +3.3% at $89.12, moving closer to resistance at the 20-day EMA of $90.88.
  • Gold is +1.9% at $1659.72 having cleared resistance at $1654 (Sep 21 low) and next opening firm resistance at $1688.0 (Sep 21 high).
  • European gas prices have jumped particularly strongly (TTF 11%, NBP 26%) following sabotaging of Nord Stream pipelines. Late on, an EU report on gas seen by Bloomberg noted lowering gas prices requires a combination of measures, with reduction of demand necessary.