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WTI Pushes To Late November Levels On Supply and Demand Factors

COMMODITIES
  • WTI is headed for its highest close since late November, amid rising geopolitical risks, disrupted US output and Chinese stimulus plans.
  • North Dakota oil production is disrupted by 130-180kbpd due to cold weather according to the pipeline authority on Thursday.
  • Iran is under extreme sanctions by the US which is significantly bringing down Iran’s oil exports, Amos Hochstein, the US Energy Security Advisor said to Bloomberg.
  • WTI is +2.7% at $77.13, piercing key resistance at $76.31 (Dec 26 high) and opening $77.48 (Fibo retrace of Sep 19 – Dec 13 bear leg) after which lies $79.56 (Nov 30 high).
  • Brent is +2.6% at $82.15, also through a key resistance at $81.45 (Dec 26 high) and opening $84.22 (Nov 30 high).
  • Gold is +0.2% at $2017.49, pulling back from earlier highs with some strength in the USD index to ultimately consolidate yesterday’s slide. The bear threat is still seen as present, with support at $2001.9 (Jan 17 low).
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