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WTI Hindered By Stock Build, Gold Keeps Within Directional Triggers

COMMODITIES
  • WTI has softened further during US hours despite a brief rebound back into positive territory. Pressure has come from another crude build in today’s EIA data.
  • EIA Weekly US Petroleum Summary - w/w change week ending Feb 23: Crude stocks +4,199 vs Exp +2,563, Crude production 0, SPR stocks +743, Cushing stocks +1,458
  • China’s oil demand is expected to grow by 1% this year to 764mn tons, according to a CNPC report.
  • OPEC+ is expected to extend the current crude production cuts beyond 1 April according to refining industry participants in South Korea and Japan surveyed by S&P.
  • Russia’s Deputy PM Alexander Novak said that it was too soon to speak on whether voluntary output cuts would be extended beyond Q1.
  • WTI is -0.6% at $78.42 off a high of $79.62 which forms initial resistance before $81.70 (Fibo retrace of Sep 19 – Dec 13 bear cycle).
  • Brent is -0.3% at $83.41, off a high of $84.31 which marked a short-lived step closer to resistance at $85.03 (Nov 6 high).
  • Gold is +0.1% at $2032.19, recovering off earlier lows of $2024.59 as the USD has given up earlier gains along with a growing rally in Treasuries. 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.
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