Nymex crude prices were predictably steady yesterday as the market awaited news from the EU/Greece debt deal. April WTI gapped up from Friday’s close to open around $104.35 yesterday and moved higher to $105.78 in thin electronic trading as the Nymex exchange was closed due to the President’s Day holiday in the US. Asia this morning has seen prices trade around yesterday’s close of $105.25 trading a $104.84-105.43 range and currently sits around $105.20. There has been little response so far to the completed debt deal, but volatility will likely pick up as the Nymex floor re-opens later. Brent crude has held steady around $120 this morning in Asia after hitting highs around $121.12 yesterday. Prices remaining underpinned by Middle East tensions with Iran now seeking to preempt the EU moves to block imports, by announcing a halt on exports to the EU, particularly to France and the UK. April WTI support today lies at $104.36 and $103.01, with resistance at $105.85 and $106.74. April Brent crude support lies at $119.29 and $118.83 with resistance at $121.47 and $123.21. ICE Brent’s premium over US WTI currently lies around $14.8.
EasyForexNews Research Team