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WTI Opens 50-Day EMA Amid Tight US Supply

COMMODITIES
  • Crude oil has been buoyed today by US supply tightness and a more supportive macro backdrop with Treasury yields easing and consumer confidence stronger than expected. The former showed a larger than expected 5.9m barrel draw in crude inventories along with bullish signals for implied demand for both gasoline and diesel fuels.
  • WTI is +2.9% at $78.43, clearing resistance at both $76.8 (20-day EMA) and $77.83 (Dec 15 high) to next open $79.79 (50-day EMA).
  • Light volumes in the CLG2 see the most active strike for $71/bbl puts.
  • Brent is +3.0% at $82.37, clearing resistance at $82.03 (20-day EMA) and opening $83.18 (Dec 15 high).
  • Gold is -0.2% at $1814.5, keeping a bullish sequence intact with focus on the bull trigger at $1824.5 (Dec 13 high).
Energy BulletsCommodities
Energy BulletsCommodities

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