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WTI Eats Into Friday’s Slide, Gold Sits Between Important Directional Triggers

COMMODITIES
  • WTI has seen robust gains during US hours as it continued to claw back the steep losses on Friday. Further Houthi attacks in the Red Sea, coupled with a strong physical market in the US and earlier disruption in Libya have added support during the day.
  • Venezuela’s reversal in its rapprochement with the US – which had brought sanctions relief on the oil industry– is driven by faltering domestic support for Maduro, Reuters said.
  • The US flagged, owned and operated oil/chemical tanker M/V Torm Thor was targeted by the Houthi's on February 24.
  • Libya’s ~45kbd Wafa field has resumed shipments following a short halt on Sunday after staff demanded better pay according to a Bloomberg source.
  • The US Energy Department is seeking 3m bbl of sour crude for the SPR for August delivery, according to a notice Feb. 26.
  • WTI is +1.5% at $77.63 and Brent is +1.2% at $82.59, both retracing a large part of Friday’s slide having remained above support at $75.25 and 80.53 respectively (both 50-day EMAs).
  • Gold is -0.3% at $2029.25, pulling further back from Friday’s spike to $2041.37 despite net USD index weakness on the day. Recent price activity has defined key resistance at $2065.5, the Feb 1 high, and key support at $1984.3, the Feb 14 low - both levels represent important short-term directional triggers.
Energy BulletsCommodities
Energy BulletsCommodities

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