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Tracking Firmly Higher For The Week

OIL

Brent crude has continued to build on Thursday's gain of close to 2%. We were last near $94.60/bbl, up nearly a further 1% for the first part of Friday trade. At this stage we are tracking +4.35% firmer for the week, which would be the third straight week of gains. WTI is above $91/bbl, also tracking +4% higher for the week.

  • Outside of the well documented tighter supply backdrop, crude, along with other commodity prices, have benefited from modest upside surprises to China IP and retail sales activity prints today.
  • Better than expected China data should, all else equal, curb further growth downgrades, which in turn should be supportive for the commodity price outlook more broadly.
  • For Brent, mid Nov 2022 highs near $97/bbl could be the next upside target, although a test of the $100/bbl level is being spoken about by some analysts.
  • On the downside, the 20-day EMA is back near ~$89/bbl,
Energy BulletsCommodities
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