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OIL: WTI Reaches New Intraday High

OIL
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WTI has climbed to a new intraday high, as the lack of clarity around Israel’s anticipated retaliatory strike on Iran keeps the market on edge.

  • WTI NOV 24 up 3.6% at 75.85$/bbl
  • RES 1: $78.46 - High Oct 8
  • WTI NOV 24-DEC 24 up 0.13$/bbl at 0.78$/bbl
  • WTI DEC 24-JAN 25 up 0.09$/bbl at 0.61$/bbl
  • There is an ongoing lull in Israeli media regarding the retaliation, clouding the view to the potential impacts.
  • The lack of clarity on the situation is driving volatility in the oil markets today. There is difficulty gauging the extent of Israel’s expected retaliation and thus the probability that the conflict could widen into a war which disrupts Middle Eastern energy production.
  • The geopolitical risk premium had previously abated slightly yesterday but is now returning to crude prices.
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WTI has climbed to a new intraday high, as the lack of clarity around Israel’s anticipated retaliatory strike on Iran keeps the market on edge.

  • WTI NOV 24 up 3.6% at 75.85$/bbl
  • RES 1: $78.46 - High Oct 8
  • WTI NOV 24-DEC 24 up 0.13$/bbl at 0.78$/bbl
  • WTI DEC 24-JAN 25 up 0.09$/bbl at 0.61$/bbl
  • There is an ongoing lull in Israeli media regarding the retaliation, clouding the view to the potential impacts.
  • The lack of clarity on the situation is driving volatility in the oil markets today. There is difficulty gauging the extent of Israel’s expected retaliation and thus the probability that the conflict could widen into a war which disrupts Middle Eastern energy production.
  • The geopolitical risk premium had previously abated slightly yesterday but is now returning to crude prices.