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Oil Ultimately Dips With Soft US Gasoline Demand

COMMODITIES
  • A mixed session for crude oil, currently sitting lower after equities reversed earlier gains that had been providing a counterbalance to US gasoline inventories growing much faster than expected (which in turn had offset a smaller unexpected draw for headline crude inventories).
  • WTI (CLU2) is -1.3% at $99.44 having earlier briefly cleared resistance at the 20-day EMA of $100.53 before prompt reversal. Next resistance is eyed at the 50-day EMA of $102.29, with clearance required to suggest scope for a stronger recovery.
  • Most active strikes in the CLU2 have been $90/bbl calls but volumes are muted.
  • Gold meanwhile slipped -0.6% to $1071.86, with a step down coming later in the session with the US dollar firming, moving closer to support eyed at $1697.7 (Jul 14 high), clearance of which opens $1690.6 (Aug 9, 2021 low).
  • European natural gas (TTF) edged +0.4% higher with Putin signalling that Nord Stream 1 flows will resume tomorrow but that flows will be tightly restricted. That compares to UK gas prices surging 24% as forecasts of falling wind generation further ramped up pressure.
Energy BulletsCommodities
Energy BulletsCommodities

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