Energy complex recovers from the post-OPEC+ leg down – TDS
Source Fxstreet
The latest Department of Energy (DOE) inventory statistics weighed on the crude Oil markets, but with that said, the energy complex has recovered from the post-OPEC sell-off, TD Securities analysts note.
Crude Oil market loses optimism
“The latest DOE inventory statistics, which showed larger inventory builds than expected, have sapped some of the recent optimism out of the crude oil market.”
“The energy complex has recovered nicely from the OPEC driven jolt lower. CTAs are now more likely buyers with uptrends reforming, and spreads have also shown major signs of recovery. Indeed, Commodity Trading Advisor (CTAs) may be back on the bid in WTI and Brent crude, if prices can reach north of $78.46/bbl and $82.77/bbl respectively.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
As of the European session on August 14, international spot copper prices (COPPER) continued to fluctuate near historical highs, trading around $14,070, down slightly by 0.3% intraday. De
WTI remains below $80.50 as traders monitor diplomatic efforts to reopen HormuzWest Texas Intermediate (WTI) oil price remains subdued for the third successive day, trading around $80.30 per barrel during the Asian hours on Friday. Crude oil prices edge lower as investors adopt a wait-and-see approach, closely monitoring diplomatic attempts to reopen the Strait of Hormuz.
West Texas Intermediate (WTI) oil price remains subdued for the third successive day, trading around $80.30 per barrel during the Asian hours on Friday. Crude oil prices edge lower as investors adopt a wait-and-see approach, closely monitoring diplomatic attempts to reopen the Strait of Hormuz.
Here is what you need to know on Thursday, August 13:
WTI declines below $82.50 as oil inventories rise far more than expectedWest Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.45 during the early Asian trading hours on Thursday. WTI declines on a larger-than-expected build in US crude oil inventories. Traders will closely monitor the developments surrounding US-Iran talks for fresh impetus.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.45 during the early Asian trading hours on Thursday. WTI declines on a larger-than-expected build in US crude oil inventories. Traders will closely monitor the developments surrounding US-Iran talks for fresh impetus.
During Wednesday's Asian trading session, spot gold (XAUUSD) extended its rebound, reclaiming $4,400/oz. As of 11:08 Beijing time on August 12, spot gold was trading at $4,414.705/oz, up
Related Instrument
