Crude Oil proves resilient to the downside – TDS

Jun 21, 2024 3:48 PM

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Crude Oil continues to prove resilient, with inventory draws offering modest support to the complex, TDS strategists say.

Crude Oil stays strong amid CTA buying

"We still argue that the rally could start to fade as Commodity Trading Advisors (CTA) buying flows taper off. Prices below $81.73/bbl and $85.46/bbl for WTI and Brent crude respectively, would see CTAs ease up on their buying and liquidate a portion of the recently acquired length."

"Aside from the resurgent CTA flows, there is still more relative concern about Q4 balances and beyond, which should serve as a resistance to major upside."

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