Crude Oil's recovery could start to fade as upside momentum eases, TDS Senior Commodity Strategist Ryan McKay notes.
Markets may halt their Brent and WTI buying program
“In WTI crude, Commodity Trading Advisors (CTAs) will need to see prices breakthrough $80/bbl to see a continuation of the recent buying program, while liquidations appear to be the more likely risk with downside triggers at $78.36/bbl. Brent crude could also see selling on a failure to break through the $83/bbl level.”
“Indeed, while the market has recovered nicely from the OPEC+ driven knee-jerk lower, there is still more relative concern about Q4 balances and beyond, which should serve as a resistance to major upside.”
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