OIL: WAF Crude Exports of Key Nigerian Grades to Fall in Feb: Reuters
Exports of top Nigerian crude oil grades are set to decline in February, loading programmes showed, cited by Reuters.
- Combined exports of Qua Iboe, Bonny Light, Bonga, and Forcados will average 815k b/d in February, down from a planned 841k b/d.
- On Angolan crude, there are still 2-3 Jan-loading cargoes still to be sold, traders said.
- Demand was relatively slow because of subdued buying interest from China, Reuters added.
- Sonangol has already sold 2 Feb-loading cargoes and is offering its Cabinda cargo at Brent plus $1/b, traders told Reuters.
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MNI EXCLUSIVE: ISM Services Head On The Outlook
MNI spoke with the head of the ISM services index about the outlook. On MNI Main Policy Wire now, see sales@marketnews.com for details.
GBPUSD TECHS: Short-Term Gains Considered Corrective
- RES 4: 1.3048 High Nov 6 and a key resistance
- RES 3: 1.2961 50.0% retracement of the Sep 26 - Nov 22 bear leg
- RES 2: 1.2849 50-day EMA
- RES 1: 1.2718/50 20-day EMA / High Nov 29
- PRICE: 1.2709 @ 17:02 GMT Dec 4
- SUP 1: 1.2567/2487 Low Nov 27 / 22 and the bear trigger
- SUP 2: 1.2446 Low May 9
- SUP 3. 1.2367 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend
- SUP 4: 1.2300 Low Apr 22 and a key support
Recent gains in GBPUSD are considered corrective and the move higher has allowed an oversold trend condition to unwind. Initial firm resistance is 1.2718, the 20-day EMA and a key short-term hurdle for bulls. It has been pierced, a clear break of the average would signal scope for a stronger recovery. The medium-term trend direction is down, with moving average studies in a bear-mode set-up. The bear trigger is 1.2487, the Nov 22 low.
CROSS ASSET: Tsys, Equities Touch Session Highs On Oil Fade
A notable drop in oil prices (Brent -70 cents about 20 minutes ago in short order) appears to be underpinning equities and Treasuries to session highs. 10Y US TIPS-implied breakevens have dipped to session lows a touch through 2.30%, down 3bp from the day's (and 7-session) highs. Some color on the oil move from our Commodities team:
- Crude prices have dipped further on the day, although no clear headline drivers are visible at present.
- WTI JAN 25 down 1.6% at 68.81$/bbl
- The market remains sensitive to any chatter ahead of OPEC+’s meeting Dec. 5 where the bloc is expected to delay its unwinding of voluntary cuts until the end of Q1.
- Any indication that cuts may go ahead as planned, or even a smaller than expected delay, could add pressure to prices.
