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WTI Settles At Fresh YTD High After Climbing Later In The Session

COMMODITIES
  • Crude gains resumed later on in today’s session following headlines that Saudi Aramco is raising its October OSP for Arab Light Crude to Asia, despite the 0.1ct/bbl increase to a $3.60/bbl premium being below the 0.30ct/bbl hike seen by analyst in Reuters and Bloomberg surveys.
  • Yesterday’s decisions by OPEC+ leaders Saudi Arabia and Russia to extend voluntary oil production cuts through to the year-end brings bullish risks to the bank’s $86/bbl Brent forecast for December 2023, Goldman Sachs said in a note.
  • The G7 and Western partners have shelved plans for regular reviews of the Russian oil price cap, despite Urals crude trading above the threshold, according to Reuters.
  • MNI Commodity Weekly: Oil Markets Face Further Tightness On Surprise Cuts Until Year-End: Full piece here.
  • WTI is +1.0% at $87.59 off an earlier high of $88.08 that squeezed one cent higher than yesterday’s peak, still eyeing resistance at the round $90.
  • Brent is +0.7% at $90.65, stopping just shy of yesterday’s $91.15 which continues to form resistance ahead of $92.91 (Nov 17, 2022 low).
  • Gold is -0.5% at $1917.25, weighed by the increase in front end Treasury yields rather than USD strength today with the latter seeing relatively modest gains considering the surprise strength in ISM Services. It pushes towards support at $1903.9 (Aug 25 low).
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