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WTI Rebounds But Can’t Prevent Weekly Decline, Gold Tumbles Post-Payrolls

COMMODITIES
  • WTI has rebounded today after hitting lowest levels since late June yesterday. However, crude remains around 3.8% down on the start of the week as strong non-OPEC supply and fears around OPEC+ voluntary cut commitments breed bearish sentiment.
  • The day’s gains were supported from a macro backdrop by an on balance stronger than expected payrolls report and stronger consumer sentiment.
  • US oil and gas rig count rose by 1 to 626 rigs, according to Baker Hughes Dec. 8, the highest since the week ending Sep. 22. Oil rig count: -1 to 503
  • The US Energy Department is seeking to buy 3mn bbl of crude for the US SPR with March delivery according to an official solicitation.
  • OPEC+ output fell by 110k bpd in November m/m to 42.6mn bpd according to a Platts survey.
  • WTI is +2.7% at $71.21, pushing back closer to resistance at $72.37 (Nov 16 low).
  • Brent is +2.4% at $75.79 vs resistance at $79.73 (20-day EMA).
  • Gold is -1.4% at $2000.64 off a low of $1994.73 having seen sustained downward pressure since the payrolls report. It’s pushed through support at $2007.5 (20-day EMA) to open $1975.0 (50-day EMA). It’s a week that started with a spike to an all-time high of $2135.39 first thing in Monday Asia trading.
  • Weekly moves: WTI -3.9%, Brent -3.9%, Gold -3.5%, US HH nat gas -8.8%, EU TTF nat gas -11.3%
Energy BulletsCommoditiesBaker Hughes A Market News
Energy BulletsCommoditiesBaker Hughes A Market News

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