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WTI Clears Bear Trigger On Iran Deal Hopes, Soft Data

COMMODITIES
  • Crude oil is currently down circa -3% today, having at one point declined 5%, with the major driver being optimism that a renewed Iran nuclear deal was being readied before cooling somewhat as time passed with comments such as the “only way to Iran deal is for Tehran to abandon extraneous demands” from the US State Department.
  • Further downward pressure came from weak China data overnight plus a large miss in the US NY Fed Empire State survey for August as new orders tumbled.
  • WTI is -2.8% at $89.55 and with a low of $86.82 cleared the bear trigger at $87.01 (Aug 5 low), opening $85.37 (Mar 15 low).
  • Brent is -3.02% at $95.16 having hit a low of $92.78, exactly matching support at the Aug 5 low before bouncing, leaving the bear trigger at $91.22 (Jul 14 low) untested.
  • Gold is -1.35% at $1778.10 as it suffered with a return of dollar strength. It pushes back from the bull trigger of $1807.9 and eyes support at the 20-day EMA of $1771.2, with a key short-term support at $1754.4 (Aug 3 low) should today’s bearish momentum continue.
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