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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).
Energy BulletsCommodities
Energy BulletsCommodities

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