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2022-07-05 11:55:00

STRONG OIL VOLATILITY

STRONG OIL VOLATILITY

 

Last week we saw major volatility on the Oil tabs especially on the Bearish alignment,as the rangebound zones maintained within the Crude Oil WTI(ranging between highs of $114.20/bbl & lows of $107.25/bbl), #BRENT bracing a 2$/bbl range while Natural Gas #NG being very volatile with a lot of Geopoliticals in play.

Whipsaws have been experienced each day on the #NG.

COT on #Commodities covering the week to June 28 saw speculators respond to a cont. loss of momentum driven by recession/demand worries by cutting bullish bets by 16% to a 23-month low.
We should look into disruption in the travel sector since summer is here.

On the sanctions tabs,there is still talks of placing an Oil cap on Russian imports while on the balance,talks of demand destruction have been evident.

Lots of talk of “price caps”, but we should remember two things:

1:#Russia is exporting more #Oil at higher $/bbl than in ‘21

2: it’s already redirecting large flows to India/China and a growing opaque market.

Major US Cash equity trades are muted as we are having the 4th July holiday break.

European equities are higher at an average of 1% per piece.

On Copper, as a main indicator of global economic health;Westpac states:

Given the current macro backdrop, #Copper doesn’t seem to have a lot going for it after trading below $8,000 for first time in 18m Friday. The sharp weakening in global data pulse has been a factor behind 22% drop in last 3 months.

As we look forward to the 2nd half of the year,I wish you wealth and growth.

 

Andy Warr,

TophatFinance.

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Earlier:

STRONG OIL VOLATILITY
2022, July, 4, 13:10:00
OIL PRICE: BRENT ABOVE $111, WTI ABOVE $108
Brent fell 33 cents, or 0.3%, to $111.30 a barrel, WTI slipped 40 cents, or 0.4%, to $108.03.
STRONG OIL VOLATILITY
2022, July, 4, 13:05:00
OPEC OIL PRICE: $113.20
The price of OPEC basket of thirteen crudes stood at $113.20 a barrel
STRONG OIL VOLATILITY
2022, July, 4, 12:35:00
IRANIAN OIL RISES
Iran could increase production to levels before the sanctions, he said, without giving an estimate of current output.
STRONG OIL VOLATILITY
2022, June, 28, 12:10:00
OIL PRICE: BRENT NEAR $117, WTI ABOVE $111
Brent climbed $1.9, or 1.7%, to $116.99, WTI rose $1.8, or 1.6%, to $111.36 a barrel.
STRONG OIL VOLATILITY
2022, June, 28, 12:05:00
OPEC OIL PRICE: $112.35
The price of OPEC basket of thirteen crudes stood at $112.35 a barrel
STRONG OIL VOLATILITY
2022, June, 24, 11:55:00
OPEC OIL PRICE: $111.09
The price of OPEC basket of thirteen crudes stood at $111.09 a barrel
STRONG OIL VOLATILITY
2022, June, 24, 11:50:00
OPEC+ OIL PRODUCTION WILL UP
"OPEC+ is not going to change the plans at this month's meeting," an OPEC+ source said. Four other sources made similar remarks.
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Tags: OIL, PRICE, OPEC, RUSSIA,