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WTI Nears Bull Trigger On Escalation In Attacks On Russia Energy Infrastructure

COMMODITIES
  • WTI is on course for its highest close since late December, driven by geopolitical concerns in the Red Sea and Russia. Ongoing Houthi threats to vessels in the Red Sea and the escalation in attacks on Russia’s energy infrastructure by Ukraine are adding support
  • Libya’s NOC has lifted the force majeure at the 300kbpd Sharara oil field and will restart oil production and exports, NOC said in a statement on Sunday.
  • North Dakota’s oil production is further recovering and is estimated to be down by around 250-300kbpd on Monday, compared with 350-400kbpd on Friday according to the pipeline authority.
  • US Gulf Coast refineries are gradually recovering from the effects of Winter Storm Geri, which took around 15% of its crude-processing capacity offline, according to Wood Mackenzie, cited by Bloomberg.
  • WTI is +2.4% at $75.19, off an earlier high of $75.75 that pushed above the resistance at $74.23 (50-day EMA) to come close to the bull trigger at $76.31 (Dec 26 high).
  • Brent is +1.8% at $79.96 off a high of $80.55 which stopped short of resistance at $80.75 (Jan 12 high)
  • Gold is -0.5% at $2019.82, coming under pressure from a modest increase in the USD index. Support is seen at $2001.9 (Jan 17 low).
Energy BulletsCommodities
Energy BulletsCommodities

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