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WTI Nears Bull Trigger On China Re-Opening Demand

COMMODITIES
  • WTI prices have increased for the eighth straight gain at settlement (yesterday not a full session with MLK day), buoyed by China re-opening demand hopes adding to broadly stronger than expected China data.
  • Separately, Chevron’s CEO expects the US is likely to refill in SPR slowly, with drawdowns leaving it in a delicate situation, whilst ahead, weekly US inventory reports from API and EIA are released tomorrow and Thursday with a day’s delay.
  • WTI is +1.0% from Friday’s settle at $80.65, off a high of $81.23 that came close to the bull trigger at $81.50 (Jan 3 high). The corrective bounce is still seen in play although to the downside sits support at $76.96 (20-day EMA).
  • Brent is +2.2% from Monday at $86.30, clearing $85.59 (Jan 16 high) and coming close to key resistance at $87.00 (Jan 3 high) with its high of $86.77.
  • Gold meanwhile slips -0.4% at $1908.2 on a mixed day for the USD and yields, further down from yesterday’s highs of almost $1929.03 but still comfortably above support at $1874.4 (Jan 12 low).
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