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WTI Sees Lowest Close Since January

COMMODITIES
  • Crude oil reversed gains from earlier in the day as European talks on a price cap for Russian oil continue into next week against a backdrop of China Covid-linked demand concerns. Russia drafting a decree to ban oil sales to price-cap participants helped stabilise the decline, but it still saw WTI close at its lowest level in eleven months.
  • WTI closed -2.1% at $76.28, starting to eye the medium-term key support at $74.96 (Sep 28 low)
  • Brent is -1.5% at $84.04, nearing support at $82.31 (Nov 21 low) but with its medium-term key support lower at $80.94 (Sep 26 low).
  • Gold is -0.02% at $1754.90, remaining between resistance at the bull trigger at $1786.5 (Nov 15 high) and support at the 20-day EMA of $1726.4.
  • Weekly moves: WTI -6.6%, Brent -4.1%, Gold +0.2%, US Nat Gas +10.3%, TTF Nat Gas +7.7%, with US gas gaining despite trimming weekly gains with milder weather expected.
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