The post OPEC+ sell-off is finally going away – TDS

Jun 14, 2024 2:34 PM

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Commodity Trading Advisors (CTAs) are on the bid with WTI and Brent crude on Friday, analysts at TD Securities note.

WTI, Brent prices look through rising stockpiles

“Crude oil markets have shaken off any concern regarding increasing inventories as CTAs are on the bid in WTI and Brent crude.”

“Trend followers may still add more long positions at prices north of $79.24/bbl and $83.27/bbl respectively.”

“However, with that said, there is still more relative concern about Q4 balances and beyond following the OPEC+ announcement, which should serve as a resistance to major upside, particularly when CTA firepower, which has been fueling the latest rally, fades.”

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