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WTI Closing Out The Week Up 6%

  • Crude oil prices are up strongly again today on further supply fears, this time from Shell deferring expansion work worth 150kbpd at the Bonga oilfield by another two years, plus a boost from far stronger than expected US payrolls.
    • This sees WTI up more than 6% for the week and >22% ytd.
  • WTI is up +2.1% at $92.18, having cleared another two resistance levels, the highest being $92.85 (2.5 proj of the Dec 2-9-20), before it dropped back to sit above $91.58, the 2.382 proj of the Dec 2-9-20 price swing.
  • Brent is +2.3% at $93.25, currently hovering around the 2.382 proj of the Dec -2-9-20 of $93.24.
  • Away from oil, the White House said it is continuing to look at options to lower gas prices for the American people. HH natural gas prices have softened this week but remain up 21% ytd.
  • Gold meanwhile is again little changed, +0.1% at $1807.2, remaining comfortably between resistance of $1822.2 (Jan 27 high) and support of $1780.4 (Jan 28 low).

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