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Ultimately Modest Crude Gains With Saudi and Russia Voluntary Output Cuts

COMMODITIES
  • Crude oil prices are trading higher on the day, driven by a continuation of Saudi Arabia and Russia’s voluntary output cuts. They have however relinquished most of their intraday gains following a late pullback in prices during US hours, seemingly helped by headlines that President Biden has discussed potential for tactical pauses with Israel’s Netanyahu.
  • The decline came before a jump higher in Treasury yields on the Fed’s Senior Loan Officer survey, but has continued since then.
  • Saudi Arabia and Russia have reaffirmed intention to keep output cuts in place until the end of the year. Saudi will review the output next month and consider “extending the cut, deepening the cut, or increasing production,” according to the Saudi Press Agency.
  • Saudi Aramco maintained its OSP to Asia for Arab Light and Super light in December but adjusted other grades to Asia as prices to Europe where cut and to North America were left unchanged.
  • Despite eased US sanctions last month, TankerTrackers still identifies 41 dark fleet tankers waiting off Venezuela with hidden AIS outside the San Jose terminal – drawing questions about the possibility of the latest deal reversing.
  • WTI is +0.7% at $81.05 having pulled back from a high of $82.24, nudging closer but clearly not testing resistance at $85.90 (Oct 27 high). Key support at $80.10 (Nov 3 low) remains intact for now.
  • Brent is +0.65% at $85.43 off a high of $86.46 for a step closer to resistance at $89.49 (Oct 24 high). It lifts off support at $84.09 (Oct 11 low).
  • Gold is -0.6% at $1980.02 having declined through the session. The trend outlook appears bullish and it’s not close to testing support at $1957.5 (20-day EMA).
Energy BulletsCommodities
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