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WTI Slides On Weaker Demand, Extends Clearance Of Key Support

COMMODITIES
  • WTI has seen a largely one way decline today in an extension of a weaker demand outlook, particularly from China.
  • Chinese crude imports totalled 48.97mn metric tonnes in October or 11.53mbpd according to customs data – up from 11.13mbpd in September.
  • The EIA’s forecasts Brent spot price to average $90.27/b in Q4 and $93.24/b across 2024, up 1.8%, according to its Short-Term Energy Outlook.
  • US crude oil supply is expected to rise to 13.15m b/d in 2024, compared to 12.90m b/d in 2023.
  • OPEC Sec Gen comments: OPEC+ will take appropriate measures at the next meeting. Oil demand is set to grow more than 2mbpd in 2024. Oil demand continues to rise significantly. We’re still positive, robust on demand. Buyers in India and China will look for cheaper barrels to buy. Barrels will flow to where demand centres are.
  • WTI is -4.3% at $77.38 having cleared further support at $78.51 (Aug 29 low) to open $77.74 (50% retrace of May 4 – Sep 28 bull run). The move builds on an overnight clearance of a key support at $80.20 (Oct 6 low).
  • Brent is -4.2% at $81.64, pushing through support at the bear trigger of $82.20 (Oct 6 low) and testing $81.62 (50% retrace of May 4 – Sep 28 bull run) after which lies $81.02 (Aug 24 low).
  • Gold is -0.5% at $1967.85 off a low of $1956.81 that pushed below support at $1959.5 (20-day EMA) to open the 50-day EMA of $1935.3. It's seen its lowest settle in nearly three weeks.
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