Nymex energy markets were relatively calm yesterday on the back of largely static FX markets despite the death of North Korean leader Kim Jong Il, which is triggering some uncertainty around the world. The February WTI contract opened the day at $93.77 easing to $92.77 in Asia and early Europe before a steady rally back up to $94.63 in early NY trade. Equity markets then pared gains with the S&P slipping from around 1225.75 to 1210.30 which weighed on crude prices and the front month contract eased back to $93.22 before closing the session at $94.05. Asia saw some modest early gains to $94.74 this morning before settling around $94.45. Today’s support is at $92.77 and $92.35 with resistance at $94.97 and $95.75. Traders will be focussing on the expiry today of the January contract and any fresh news out of North Korea.
EasyForexNews Research Team