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WTI On Track For Cycle Highs; Inventories Data Eyed

COMMODITIES
  • WTI and Brent crude futures both hold in positive territory, with front-month WTI within range of the cycle highs printed on Oct11 at $81.18/bbl. Clearance here would put markets on track to test $82.89, a Fibonacci projection.
  • Focus turns to today's crude oil inventories release - a day delayed due to the Columbus Day holidays on Monday. Markets expect a build of around 500k barrels for headline crude, while distillate inventories are seen seeing a draw of a similar magnitude.
  • Gold rallied sharply higher yesterday. The yellow metal has breached the 50-day EMA and resistance at $1787.4, the Sep 22 high. The resumption of strength reinforces short-term bullish conditions and the bullish engulfing candle pattern that signalled a potential reversal on Sep 3. The focus is on $1808.7 next, Sep 14 high. Initial firm support is at $1746.0, Oct 6 low. A break is required to undermine a bullish tone.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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