OIL: WTI Ticks Up on Russia Sanction Threat
WTI has ticked up further in US hours after comments from Trump that he will decide on Russia sanctions in the next two weeks if needed.
- WTI OCT 25 up 0.4% at 63.77$/bbl
- Key headlines noted:
- *TRUMP: THINK I'LL KNOW ATTITUDE OF RUSSIA, UKRAINE IN TWO WEEKS
- *TRUMP: MAY DECIDE ON SANCTIONS FOR RUSSIA IN 2 WEEKS IF NEEDED
- While sanctions could tighten up the oil market further, particularly if tariffs on buyers of Russian oil acquiesce and cease buying, previous deadlines for sanctions on Russia have been routinely put back by POTUS.
- The most notable example was a previous threat to impose sanctions unless a peace deal was agreed by the Kremlin, only for a US-Russia summit in Alaska to delay the implementation.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US: FED Reverse Repo Operation
RRP usage slips to $189.632B this afternoon from $196.374B yesterday, total number of counterparties at 30. Usage had fallen to $54.772B on Wednesday, April 16 -- lowest level since April 2021 - compares to July 1: $460.731B highest usage since December 31.
GBPUSD TECHS: False Trendline Break?
- RES 4: 1.3789 High Jul 01 and the bull trigger
- RES 3: 1.3689 76.4% retracement of the Jul 1 - 16 bear leg
- RES 2: 1.3577 50.0% retracement of the Jul 1 - 16 bear leg
- RES 1: 1.3563 High Jul 23
- PRICE: 1.3560 @ 16:05 BST Jul 23
- SUP 1: 1.3365 Low Jul 16 and the short-term bear trigger
- SUP 2: 1.3335 Low May 20
- SUP 3: 1.3245 Low May 19
- SUP 4: 1.3144 38.2% retracement of the Jan 13 - Jul 1 bull cycle
GBPUSD traded higher again Wednesday, extending the recovery from the Jul 16 low. The recent spell of weakness resulted in a break of trendline support drawn from the Jan 13 low. The breach is a bearish development, however, the latest bounce also highlights a possible false break. Note that M/T signals still highlight an uptrend. The next resistance to watch is 1.3577, a Fibonacci retracement. The bear trigger is 1.3365, Jul 16 low. A break would resume a bear theme.
SOFR OPTIONS: Large Sep'25 SOFR Call Condor Buy
- +20,000 SFRU5 95.75/95.81/95.93/96.00 call condors 2.12-2.25
- +3,000 0QZ5 97.25/97.75/98.00 1x3x2 call flys 4.0 ref 96.825
- +14,000 SFRZ5 95.75/95.87/96.25/96.37 put condors 5.75-6.0 earlier
