• Crude prices have seen another heavy decline today with Brent clearing $80/bbl and WTI seeing its lowest close since the middle of July after a bearish demand outlook weighs further on prices. A slightly stronger dollar and a possible further relaxation in Russia’s export ban of some products is adding further downside.
  • API weekly oil stock data: Crude +11.9mbbl, Cushing +1.1mbbl, Gasoline -0.4mbbl, Distillate +1mbbl
  • ARA crude inventories rose 175k bbl or 0.4% in the week ended Nov 3 to 49mn bbls according to Genscape.
  • The US could reimpose energy sanctions on Venezuela if commitments towards free elections and the release of more political prisoners are not met by 30 November according to White House senior adviser Juan Gonzales.
  • WTI is -2.75% at $75.24, pushing towards new support at $74.26 (61.8% retrace of the May 4 – Sep 28 bull run)
  • Brent is -2.6% at $79.45, through $81.02 (Aug 24 low) and next eyeing $78.89 (61.8% retrace of May 4 – Sep 28 bull run).
  • Gold is -1.0% at $1949.55 with much of its moving coming earlier in the session as the USD modestly extended previous notable strength before some additional downward pressure after the Israel Army said Gazans are able to move south in limited pauses and they can also leave north of the strip on Thursday. It has pushed through $1956.8 (Nov 7 low) to open $1936.6 (50-day EMA).

COMMODITIES: WTI Slides To Mid-July Levels, Gold Through Latest Support

Last updated at:Nov-08 19:37By: Chris Harrison
  • Crude prices have seen another heavy decline today with Brent clearing $80/bbl and WTI seeing its lowest close since the middle of July after a bearish demand outlook weighs further on prices. A slightly stronger dollar and a possible further relaxation in Russia’s export ban of some products is adding further downside.
  • API weekly oil stock data: Crude +11.9mbbl, Cushing +1.1mbbl, Gasoline -0.4mbbl, Distillate +1mbbl
  • ARA crude inventories rose 175k bbl or 0.4% in the week ended Nov 3 to 49mn bbls according to Genscape.
  • The US could reimpose energy sanctions on Venezuela if commitments towards free elections and the release of more political prisoners are not met by 30 November according to White House senior adviser Juan Gonzales.
  • WTI is -2.75% at $75.24, pushing towards new support at $74.26 (61.8% retrace of the May 4 – Sep 28 bull run)
  • Brent is -2.6% at $79.45, through $81.02 (Aug 24 low) and next eyeing $78.89 (61.8% retrace of May 4 – Sep 28 bull run).
  • Gold is -1.0% at $1949.55 with much of its moving coming earlier in the session as the USD modestly extended previous notable strength before some additional downward pressure after the Israel Army said Gazans are able to move south in limited pauses and they can also leave north of the strip on Thursday. It has pushed through $1956.8 (Nov 7 low) to open $1936.6 (50-day EMA).

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