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Solid Gains For Crude On Day Iran Nuclear Talks End Without A Deal

COMMODITIES
  • A mixed day for crude oil, falling in early trade before rallying and proving resistant to a rolling over in US equities. There have been yet more headlines on the JCPOA, with fifteen months of talks ending without a deal and the US and Iran having just weeks to decide whether they want to revive the deal after EU diplomats presented parties with a finalised draft. Latest headlines from Iran’s Foreign Ministry Spokesman indicate it’s not yet ready to finalise an agreement. Separately, potential mild support from storms brewing in the Atlantic in peak hurricane season, potentially posing threats to offshore production.
  • WTI is +2.0% at $90.75, seen vulnerable from a technicals, with support seen at $87.01 (Aug 5 low) and resistance at $95.56 (20-day EMA).
  • Brent is +1.8% at $96.62 , also with a technically bearish threat remaining present with support seen at $92.78 (Aug 5 low) and a bear trigger of $91.22 (Jul 14 low) below that, but with resistance equally eyed at $99.992 (20-day EMA).
  • Gold meanwhile reverses most of Friday’s post-payrolls slide with the retracement in Treasury yields and USD strength, firming a strong +0.7% to $1788.28. It moves back nearer to resistance at $1795.0 (Aug 4/5 high) and puts trendline resistance at $1799.6 within reach.
  • Gas price volatility continues, with US gas prices currently -5.4% on easing temperatures and production gains easing supply concerns whilst European gas prices fell -1.7% as inventories increased to 72% or about the five-year average.
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  • A mixed day for crude oil, falling in early trade before rallying and proving resistant to a rolling over in US equities. There have been yet more headlines on the JCPOA, with fifteen months of talks ending without a deal and the US and Iran having just weeks to decide whether they want to revive the deal after EU diplomats presented parties with a finalised draft. Latest headlines from Iran’s Foreign Ministry Spokesman indicate it’s not yet ready to finalise an agreement. Separately, potential mild support from storms brewing in the Atlantic in peak hurricane season, potentially posing threats to offshore production.
  • WTI is +2.0% at $90.75, seen vulnerable from a technicals, with support seen at $87.01 (Aug 5 low) and resistance at $95.56 (20-day EMA).
  • Brent is +1.8% at $96.62 , also with a technically bearish threat remaining present with support seen at $92.78 (Aug 5 low) and a bear trigger of $91.22 (Jul 14 low) below that, but with resistance equally eyed at $99.992 (20-day EMA).
  • Gold meanwhile reverses most of Friday’s post-payrolls slide with the retracement in Treasury yields and USD strength, firming a strong +0.7% to $1788.28. It moves back nearer to resistance at $1795.0 (Aug 4/5 high) and puts trendline resistance at $1799.6 within reach.
  • Gas price volatility continues, with US gas prices currently -5.4% on easing temperatures and production gains easing supply concerns whilst European gas prices fell -1.7% as inventories increased to 72% or about the five-year average.