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Red Sea Vessel Attacks See Crude Futures Clear 20-day EMAs

COMMODITIES
  • Crude futures have pared earlier gains but still see strong gains on the day. Growing disruption in the Red Sea, with companies such as BP and Equinor diverting their cargoes has sparked fears for supply passing through the key chokepoint.
  • Vessel attacks in the Red Sea are increasing. Yemen’s Iranian-backed Houthi rebels have claimed responsibility for attacks on two ships Dec. 18 - the Swan Atlantic and MSC Clara - using naval drones, according to Alarabiya news.
  • The US is seeking a regional coalition to secure the Red Sea shipping corridor, with a virtual summit set for Dec. 19, but Houthi officials have since told Al Jazeera that we’ll be able to confront any possible coalition that could be formed.
  • Oil exports out of Texas are surging in the final weeks of 2023, according to Reuters, driven by record production levels and the need to avoid high year-end taxes on inventories.
  • WTI is +1.8% at $72.74, with its high of $74.23 clearing resistance at $73.27 (20-day EMA) to open $76.37 (50-day EMA).
  • Brent is +2.2% at $78.22, also clearing $77.81 (20-day EMA) with its high of $79.49 stopping short of resistance at $80.76 (50-day EMA).
  • Gold is +0.4% at $2027.01, buoyed by increased geopolitical tensions but still well within Friday’s range. It has pulled back off a high of $2033.47, after a swift $10 gain came on little 'new' newsflow before partly retracing the move.
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