Oil commentary - 10 February 2021
Morning all. Seeing as it's an early trading window tomorrow, in advance I wish you all 恭喜发财, or Gong Xi Fa Cai. Year of the Ox. Let’s just hope it's better than last year because, quite frankly, if I ever see a rat again then the RSPCA will be all over me. Anywayyyyy, oil. Brent is trading this morning at $60.93 down 0.16 and WTi is trading down 0.22 at $58.14. Let's keep today Danny DeVito, short and sweet. Brent at $60, and arguably, not budging from that perch any time soon thank you very much. We're testing a few technical levels, down to $60 before support kicked in and up to $61.35 before even the bravest of hedge funds said "Oooooh, perhaps we've overdone it? just a little bit?". Stats are out later, supposedly a draw on crude stocks but builds on gasoline. I'm sure the funds will ignore the latter though so expect Brent to break through yesterday's high. What else is going on? Ohhh, I know, everyone is still either working from home, watching their teacher on an ipad or waiting for the latest Ocado delivery to arrive. But apparently that justifies oil at $60. Rolls eyes. Commentary back on Monday 15th. Good day.