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Supply Crunch Continues, Brent Higher For Sixth Session

COMMODITIES
  • WTI and Brent crude futures remain solidly in positive territory, with supply crunch concerns prevalent across markets. Brent crude futures trade above $80/bbl for the first time since late 2018, keeping the near-term uptrend intact and working against the WTI-Brent spread, which now sits close to its widest levels of the year.
  • WTI futures maintain a bullish outlook and this week's strong start, as the contract continues to climb. Last week's break of $73.58, the Jul 6 high and bull trigger confirmed a resumption of the uptrend and has paved the way for further gains near-term. The focus is on $78.24 next, a Fibonacci projection with scope seen for a climb towards $80.00 further out.
  • Gold remains bearish. The yellow metal last week traded through former support at $1742.3, Sep 20 low. This confirms a resumption of the current short-term bear cycle and signals scope for a move towards key support at $1690.6, Aug 9 low.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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