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- Oil markets remained supported throughout, with markets watching the formation of the Nicholas weather system, which could disrupt production further alongside the linger effects of Ida.
- Storm Nicholas has already struck Texas, with the high concentration of refining facilities in the area at risk of weather-forced shutdowns.Yesterday, the closing of the Port of Corpus Christi as well as the Houston Ship Channel were the first signs of disruption.
- Next resistance for WTI kicks in at the $73.52 Jul 30 high as well as the bear channel top drawn from the Jul 6 high at $71.37.
- Elsewhere in metals markets, palladium extended the recent slide to touch fresh 2021 lows and the lowest levels since mid-2020. The slip through $2,000/oz followed the formation of a death cross in DMA space, with the 50-dma falling through the 200-dma for the first time since June last year.
- Concerns over lagging auto production and the still-disrupted supply chain for chipmakers are weighing on demand, with the recent run-up in prices also prompting producers to switch to alternative raw materials. Support for Palladium undercuts at $1854, the 76.4% retracement for the recovery off the pandemic lows.