Oil prices fell around a percent on Monday as Beryl crossed into Texas as a Category 1 storm rather than as a hurricane as expected limiting the impact on refining and shipping facilities. It did cut power to Houston and its port though. The resumption of Gaza ceasefire talks is also reducing geopolitical pressure on crude. The USD index was little changed.

  • WTI is down 1.1% to $82.22/bbl and is currently trading around this level. It trended lower through most of Monday and reached a low of $82.08 in the US session. The benchmark remains in a bull cycle and declines are considered corrective. Initial resistance is at $84.52 with support at $79.52, 50-day EMA.
  • Brent fell 1% to $85.68/bbl after a low of $85.56. Initial resistance is at $88.04 with the bull trigger at $89.32. Initial support is at $83.59, 50-day EMA.
  • Disruptions to operations in Texas and fires impacting Canada’s oil sands are putting a floor under crude prices. The Port of Houston is to remain closed today and Suncor Energy has restricted work at its Firebag oil sands.
  • Demand is currently looking robust with US air travel at a new record in June and road travel high. But the outlook in China remains uncertain at best.

OIL: Crude Lower As Impact From Beryl Less Than Feared

Last updated at:Jul-08 23:05By: Maxine Koster

Oil prices fell around a percent on Monday as Beryl crossed into Texas as a Category 1 storm rather than as a hurricane as expected limiting the impact on refining and shipping facilities. It did cut power to Houston and its port though. The resumption of Gaza ceasefire talks is also reducing geopolitical pressure on crude. The USD index was little changed.

  • WTI is down 1.1% to $82.22/bbl and is currently trading around this level. It trended lower through most of Monday and reached a low of $82.08 in the US session. The benchmark remains in a bull cycle and declines are considered corrective. Initial resistance is at $84.52 with support at $79.52, 50-day EMA.
  • Brent fell 1% to $85.68/bbl after a low of $85.56. Initial resistance is at $88.04 with the bull trigger at $89.32. Initial support is at $83.59, 50-day EMA.
  • Disruptions to operations in Texas and fires impacting Canada’s oil sands are putting a floor under crude prices. The Port of Houston is to remain closed today and Suncor Energy has restricted work at its Firebag oil sands.
  • Demand is currently looking robust with US air travel at a new record in June and road travel high. But the outlook in China remains uncertain at best.

MNI Podcasts

Unearthing fresh policy thinking & market intelligence.

Copyright 2024Twitter, Xlinkedin logo