The energy sector is on track to post a 12% second-quarter gain as crude prices finish Q2 with their fourth consecutive quarterly rise. The move is notable given the volatile environment, and derives significantly from fears of Iranian supply disruptions, but it could prove vulnerable to any intensification of the trade war.
Squawk / 12 October 2017 at 14:02 GMT
Technical Analyst / FuturesTechs
United Kingdom
A quick look at the Technicals ahead of the Inventories Report:

Brent (Dec '17): We go into today’s Inventories report with the bulls on top but 57.28 still needing to be seen off to suggest 59.25 will see a retest. 56.14 and 55.87 are early supports protecting 55.66 and 55.06. A break of all of these targets a deeper setback to 53.56.

WTI/US Crude: We got up to 51.42 yesterday after a good week for the bulls so far. This 51.42 level is the 61.8% retrace of the selling seen between September 28th and October 6th. Today has seen this on the back foot so far and coming into some strong support at 50.04-50.24 that needs to hold otherwise we can look for 49.10 then 48.73.

Let's see what the numbers bring!

Charts below are:

Top left - Brent Daily
Bottom left: Brent Weekly continuation.

Top right: WTI Daily
Bottom right: WTI Weekly continuation


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