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Supply Disruptions Head Crude Oil To Weekly Gains

COMMODITIES
  • Crude markets are headed for the US close with 1-2% gains on the day for mixed gains over the holiday-shortened week with WTI outperforming with help from SPR purchase plans.
  • Prices remain supported by escalations in the Middle East and supply disruptions from protests at Libya’s oil fields, where oil output has fallen to 981k b/d due to the outage at the Sharara oil field (Bloomberg citing Oil Minister Mohamed Oun).
  • US combined oil and gas rig count fell by one on the week to 621 rigs, according to Baker Hughes. This is the second successive on week fall.
  • WTI is +2.1% at $73.70 as it pushed closer to resistance at $74.98 (50-day EMA).
  • Brent is +1.4% at $78.66 but still a little off a key short-term resistance level at $81.45 (Dec 26 high).
  • Gold is +0.1% at $2045.1 after volatility tied to swings in the USD index after mixed data releases for US payrolls and ISM services, driving a daily range of $2024.58-2064.02. The low cleared support at $2040.2 (20-day EMA), with a more pronounced move lower potentially opening $1973.2 (Dec 13 low).
  • Weekly moves: WTI +2.7%, Brent +0.3%, Gold -0.9%, US nat gas +12.8%, EU TTF nat gas +4.4%.
Energy BulletsCommodities
Energy BulletsCommodities

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