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WTI Hits Year-To-Date Lows, Brent Breaches Bear Trigger

COMMODITIES
  • A second consecutive day of heavy declines has seen WTI fall to its lowest of the year, hurt by concern for central bank tightening and future oil demand growth.
  • Turkish authorities earlier cleared an oil tanker with Russian insurance papers, starting to ease significant congestion of 20 tankers in Turkish straits one day after the G7/EU oil price cap was imposed.
  • Russia is considering setting a price floor for its international oil sales as a response to the G7/EU oil price cap according to officials familiar with the plan.
  • WTI is -3.4% at $74.35, clearing support at $76.29 (Nov 29 low) and with a low of $73.41 coming close to $73.38 (1.00 proj of the Aug 30 – Sep 28 – Nov 7 price swing).
  • Brent is -3.9% at $79.49, confirming a bearish outlook with clearance of the bear trigger at $79.68 (Sep 26 low). Further downward momentum could test $77.04 (Jan 1 low, cont.).
  • Gold is +0.1% at $1770.38. Key resistance is seen at $1807.9 (Aug 10 high) whilst support is at $1747.4 (20-day EMA).
Energy BulletsCommodities
Energy BulletsCommodities

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