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WTI Sees Second Highest Settle Of The Year

COMMODITIES
  • Crude markets have seen gains after headlines suggesting Russia has agreed on further export cuts with OPEC+ and will announce further steps next week, and continued strongly for the second highest WTI settle of the year.
  • Today’s growth-related macro data were on balance beat expectations, with China’s mfg PMI rising to 49.7 (cons 49.2) from 49.3 in July, albeit marking a fifth consecutive contractions, whilst US consumer spending was stronger than expected.
  • Kinder Morgan said Wednesday its Port Manatee, Port Sutton and Tampaplex terminals in Florida sustained only minimal damage from Hurricane Idalia hitting the Gulf of Mexico.
  • WTI is +2.4% at $83.57, comfortably through $82.05 (Aug 30 high) to push near the bull trigger at $84.16 (Aug 10 high).
  • Brent is +1.1% at $86.83, clearing $86.23 (Aug 30 high) to open the psychological $90 resistance.
  • Gold back near unchanged at $1941.51 having dipped slightly intraday amidst a recovery for the US dollar. It continues to sit close to resistance at yesterday’s high of $1949.1.
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