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Recovery Extends Further, As Supply Fears Dominate, US Inventories Eyed Later

OIL

Oil has continued to recover, building on Tuesday's gains. Brent sits near $94.90/bbl, comfortably above late Asia Pac Tuesday lows sub $92/bbl. The benchmark contract is up a further ~1%, following Tuesday's +0.72% gain. WTI was last near $91.35/bbl, up by a similar magnitude in Tuesday trade to date.

  • Supply side concerns appear to be trumping broader risk jitters/USD strength.
  • Official data on inventories, due later in US trade may see another draw in crude inventories. This follows API data suggesting as much, which were released on Tuesday, per Bloomberg reports.
  • Near term spreads in WTI contracts also continue to highlight a very tight supply backdrop.
  • The recent recovery in Brent is bringing recent YTD highs back into play. Resistance is seen at $95.96 (Sep 19 high) and support at $91.12 (20-day EMA).
Energy BulletsCommodities
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