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Oil Swings With Poland Missile Reports and Druzhba Pipeline Halt

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  • Reports of Russian missiles killing two in Poland have pushed major commodities higher before retracing somewhat. Poland and Hungary are calling emergency meetings whilst AP cites senior US intelligence officials. However, the Pentagon has subsequently not been able to corroborate reports at this time and there have also been unconfirmed Twitter comments that suggest it could be debris from a rocket shot down by Ukraine, helping retrace a sizeable portion of the move.
  • The Druzhba pipeline has also been halted after an artillery hit to its electricity supply according to Hungarian oil and gas company MOL, although MOL says its operational and Hungary’s strategic oil reserves are sufficient to keep the main refinery in Szazhalombatta running until the damage is repaired.
  • WTI is currently +1.8% at $87.38 having earlier cleared key support at $84.7 (Nov 10 low) before bouncing. It opens the bear trigger at $81.30 (Oct 18 low).
  • Brent is +1.3% at $94.34, having tested key support at $91.73 (Nov 10 low) before bouncing.
  • Gold is +0.2% at $1775.4 off a high of 1786.53 that came closer to resistance at the psychological $1800.0.
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  • Reports of Russian missiles killing two in Poland have pushed major commodities higher before retracing somewhat. Poland and Hungary are calling emergency meetings whilst AP cites senior US intelligence officials. However, the Pentagon has subsequently not been able to corroborate reports at this time and there have also been unconfirmed Twitter comments that suggest it could be debris from a rocket shot down by Ukraine, helping retrace a sizeable portion of the move.
  • The Druzhba pipeline has also been halted after an artillery hit to its electricity supply according to Hungarian oil and gas company MOL, although MOL says its operational and Hungary’s strategic oil reserves are sufficient to keep the main refinery in Szazhalombatta running until the damage is repaired.
  • WTI is currently +1.8% at $87.38 having earlier cleared key support at $84.7 (Nov 10 low) before bouncing. It opens the bear trigger at $81.30 (Oct 18 low).
  • Brent is +1.3% at $94.34, having tested key support at $91.73 (Nov 10 low) before bouncing.
  • Gold is +0.2% at $1775.4 off a high of 1786.53 that came closer to resistance at the psychological $1800.0.