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WTI Holds $80/bbl Clearance And Fifth Consecutive Weekly Gain

COMMODITIES
  • Crude oil has edged higher today to increase in six of the past seven sessions for its highest closing price since Apr 18, having capped off the fifth consecutive weekly gain. Tighter supply conditions have coincided with some stronger demand expectations, buoyed primarily by China stimulus hopes.
  • The middle of today’s session saw some volatility with a sharp fall lower on few clear drivers leaving positioning flow as the potential culprit.
  • More recently, the WSJ reported that Rosneft Oil has struck a deal to sell a substantial portion of its petroleum output to a group of previously little-known oil traders.
  • WTI is +0.4% at $80.39 off a pre-settle high of $80.68 that cleared $80.60 (Jul 27 high) as it continues to drift towards key resistance at $81.44 (Apr 12 high).
  • Brent is +0.9% at $84.99 off a high of $85.06 vs key resistance at $85.47 (Apr 12 high).
  • Gold is +0.7% at $1959.46 as it climbs strongly against a background of modest USD weakness. It only reverses about half of Thursday’s post-US data slump though which saw a low of $1942.7 that now forms initial support. Resistance remains at a bull trigger of $1987.5 (Jul 20 high).
  • Weekly moves: WTI +4.3%, Brent +4.6%, Gold -0.1%, US nat gas -2.5%, EU TTF nat gas -8.3%
Energy BulletsCommodities
Energy BulletsCommodities

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