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WTI Keeps October Highs Under Pressure

COMMODITIES
  • Crude futures trade solidly ahead of the US open, with front-month futures keeping yesterday's cycle highs under pressure $83.87. This would extends the bull trend to initially target round number resistance at $84/bbl to turn the focus to $84.97 next, a Fibonacci projection.
  • Russian lawmakers have made it clear that they won't go out of their way to provide extra gas supplies to mainland Europe unless regulatory approvals are forthcoming to start shipments through the Nord Stream 2 pipeline.
  • Gold failed to hold onto recent highs and Friday's sharp reversal lower highlights a potential bearish threat. Key short-term resistance has been defined at $1800.6, the Oct 14 high. A resumption of weakness would expose support at $1746.0, Oct 6 low and clearance of this level would reinforce a bearish threat and attention would turn to $1721.7, Sep 29 low.
Energy BulletsCommodities
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