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WTI Narrows in on Cycle High

COMMODITIES
  • Oil markets resumed their incline headed into the Thursday close, with the USD's post-Fed pullback working in favour of energy products. This put the November WTI crude future north on track for the highest close of the year and within range of the 2021 high at $73.58/bbl.
  • Markets continue to position for tight winter supply, with Goldman Sachs joining the likes of Bank of America forecasting a double digit USD rise in oil prices should temperatures dip below their winter average this year.
  • This keeps the bullish sentiment intact following last week's gains. Tuesday's price pattern was a bullish doji candle, reinforcing current bull trend conditions. Last week's gains resulted in a break of the bear channel top drawn off the Jul 6 high. The move higher strengthens a bullish theme and signals scope for further short-term gains. A rally north of $73.58 opens $74.08 and $75.00.
  • Gold prices traded under pressure throughout US hours, with the spot price dropping briefly back below $1750/bbl as equity markets globally extended their recovery from the lows printed earlier in the week.
  • A resumption of weakness would open the key support at $1690.6 further out, Aug 9 low.
Energy BulletsCommodities
Energy BulletsCommodities

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