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WTI Closes At Its Highest Since Apr 25 On Tightening Supply

COMMODITIES
  • Crude oil has again been supported today by signs of tightening supplies from key exporting nations like Saudi and Russia. Saudi crude exports slipped 0.6mbd in the first half of July vs June according to Vortexa. Kuwait, Nigeria and Algeria down by the same combined, whilst UAE and Iraq meanwhile rise 0.5mbd.
  • Further, in latest headlines, the US oil rig count fell for the sixth straight week and the eleventh time in the past twelve, most recently down 6 to 669 for the lowest since Mar’22.
  • WTI is +1.8% at $77.04, nudging Wednesday’s high and moving closer to but not yet testing resistance at $78.03 (76.4% retracement of Apr 12 – May 4 bear leg). Supporting the more bullish sentiment, the day’s most active strikes in the CLU3 have been $80/bbl and $85/bbl calls.
  • Brent is +1.8% at $81.05, taking a step nearer resistance at $82.06 (76.4% retracement of Apr 12 – May 4 downleg)
  • Gold is -0.3% at $1963.39 with a second consecutive decline on another step higher in the USD index. It doesn’t trouble support at $1934.4 (20-day EMA) whilst resistance remains at the early Thursday high of $1987.5.
  • Weekly moves: WTI +2.2%, Brent +1.5%, Gold +0.4%, US nat gas +6.7%, EU TTF nat gas +8.5%
Energy BulletsCommodities
Energy BulletsCommodities

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