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WTI Shrugs Off Warning of Possible POTUS Action

COMMODITIES
  • The US Energy Secretary Granholm spoke to MSNBC early Monday, flagging a possible announcement from the President later this week on still stubbornly high energy prices. The comments stopped short on specifics, but markets assume the White House could still lean on a supply boost from the Strategic Petroleum Reserve, with informal approaches to OPEC+ seemingly falling on deaf ears.
  • The comments did little to dent prices, with WTI crude futures holding north of the $81/bbl level throughout, as Asian demand for ever-increasing OSPs for Saudi crude signal solid demand in an already tight market.
  • Key resistance and the bull trigger is $85.41, Oct 25 high. A break through here would re-engage the recent bullish theme, while the 50-day EMA at $77.33 is seen as a key S/T support and a clear break would suggest scope for a deeper pullback.
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