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WTI Prices Flat on Friday, But Curve Remains Steeper on the Week

  • WTI and Brent crude futures finished flat on the session Friday, with few macro catalysts to nudge markets in either direction. Nonetheless, the curve remains steeper on the week, with markets looking through near-term volatility in China as US equities continue to march higher.
  • The mid-week DoE inventories remain a supportive factor, suggesting solid implied demand that's carried prices into the Friday close. This keeps the near-term rebound intact, with prices breaching the 76.4% retracement of the Jul 6 - 20 downleg at $73.46. This signals scope for a climb towards key resistance at $76.07/bbl.
  • Both gold and silver traded lower into the close, with MNI Chicago Business Barometer adding some weight, beating expectations to rise to 73.4 vs. Exp. 64.2.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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