rising, Natural Gas prices were on a tear as well on Monday. With hurricane Adalia set to hit Florida and Georgia soon, oil distribution for the US southeast could get disrupted and have repercussions for the more northern states.
This week Friday’s monthly US jobs report takes precedence over other indicators. After the US Federal Reserve repeated it stance at Jackson Hole for keeping rates higher for longer, any sudden slowdowns in the US jobs market could force the hand of the Fed to start easing market conditions by cutting rates, which would mean a weaker Greenback as a side effect.
Some cargoes of Russian crude for October were offered at a lesser discount to the ICE Brent price between Russia and China. On the upside, $81.68, Monday’s high, is the one to beat in order to trigger a small uptrend. Should WTI continue to rally and break that red descending trendline, more new highs will come into play. In order to print a fresh monthly high, the peak of mid-August at $84.32 is the target when demand takes over and supply cannot follow suit.