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Risk On Boosts Oil Whilst Gazprom Poised To Restate Gas Exports

COMMODITIES
  • Crude oil prices are up almost 1.5% today after yesterday’s surge, receiving a further boost from improved risk-on sentiment evidenced by US equities firming ever since the US open. Modest outperformance for WTI could be a continuation of TD Energy’s force majeure on the Keystone pipeline.
  • Ahead, Biden is expected to announce executive action to address climate change tomorrow but is expected at this stage to stop short of declaring a state of emergency with the added powers it could provide.
  • WTI (CLU2) is +1.3% at $100.66, having cleared the 20-day EMA of $100.53 and next opening the 50-day EMA of $102.29.
  • Gold is +0.1% at $1710.83 after a relatively uneventful day despite broad-based USD weakness. It does little to change its downtrend, with support eyed at $1697.7 (Jul 14 high), clearance of which opens $1690.6 (Aug 9, 2021 low).
  • Another more eventful day for gas meanwhile sees TTF prices dip -1.8% with Gazprom poised to restart gas exports through its Nord Stream 1 pipeline on Thursday at reduced capacity after planned maintenance according to people familiar with the matter.
Energy BulletsCommodities
Energy BulletsCommodities

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