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WTI Hits Eight-Month Low On Demand Concerns

COMMODITIES
  • Crude oil has tumbled today on expectations of softer demand, with China oil imports falling 1mbpd and further regions being put into lockdown, most recently Chengdu from Sep 8, coming at the end of the US driving season, seeing WTI hit an eight-month low.
  • WTI is -5.6% at $82.01, which having cleared the key support at $85.37 (Aug 16 low) is homing in on support at $81.88 (Feb 25 low).
  • The current most active strikes for the session for CLV2 has been $75/bbl puts.
  • Brent is -5.2% at $87.99, clearing the key bear trigger of $89.06 (Jul 14 low) and next eyeing $87.50 (Mar 15 low).
  • Gold meanwhile is +0.8% at $1715.36 as it finds respite from a weaker dollar and lower Tsy yields. It remains within yesterday’s range though with resistance at the intraday high of $1726.7 after which sits $1735.5 (20-day EMA).
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