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WTI Resumes Increase As Data Strength Adds To Supply Concerns

COMMODITIES
  • WTI has climbed through the second half of the session, supported by continued geopolitical tensions which would hit supply, positive economic data, and fears that Venezuelan barrels will see sanctions resume from April.
  • The US government will not renew the sanctions relief on Venezuela unless there is progress on allowing all presidential candidates to compete in this year’s election. according to Matthew Miller, US State Department Spokesperson.
  • The number of tankers diverting on longer voyages around the Cape of Good Hope has risen to 100 from 69 the previous week, according to OB.
  • The 590kbpd Trans Mountain Pipeline expansion will now be completed in Q2 at the earliest due to complications while pulling a pipe through a tunnel section according to the company.
  • WTI is +1.25% at $77.74 having lifted almost 3% intraday at one point. It sits off a key short-term resistance at $79.56 (Nov 30 high).
  • Brent is +0.6% at $82.87, off resistance at $84.16 (Jan 29 high) after which lies $86.03 (76.4% retrace of Sep 15 – Dec 13 bear cycle).
  • Gold is +0.15% at $2036.17, with earlier, strong gains to a high of $2048.63 slashed by surprisingly strong US job openings and details within the Conference Board consumer survey.
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