Free Trial

Weaker US Demand Sees Oil Extends 2022 Lows

COMMODITIES
  • Oil eeks out yet further declines, down more than 2%, with risk off sentiment and in the US a bigger than expected build in oil product stocks plus further weakening in implied demand. It included four week distillate implied demand falling to the lowest seasonal level since 2015 with a corresponding build in stocks.
  • WTI is -2.4% at $72.44, through support at $73.38 (1.00 proj of Aug 30 – Sep 28 - Nov 7 price swing) to next open $70.00.
  • Brent is -2.2% at $77.59, clearing support at $78.70 (yesterday low) to open $77.04 (Jan 1 low, cont.).
  • Gold meanwhile is +1.1% at $1789.96 as it benefits from the risk-off environment and sliding US Treasury yields. It moves closer to key resistance at $1807.9 (Aug 10 high).

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.