REFINING: Kuwait's Al-Zour Refinery Set for Full Operation in a "Few Days"
Kuwait’s 615,000 bpd Al-Zour refinery will be fully operational in a few days according to the chief executive of Kuwait Integrated Petroleum Industries.
- The refinery comprises three smaller refineries – the third phase of which was operationally delayed from late summer until now.
- Al-Zour is fully coming online at the same time as the new Duqm refinery, a joint venture between Oman and Kuwait, and the expansion of Bahrain’s Sitra plant – the combo of which are set to tighten crude supply in the region.
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US TSY FUTURES: BLOCK, Late Dec'23 2Y Sale
- -13,000 TUZ3 101-19.5, post-time bid at 1614:19ET, settled 101-20 (-2) appr DV01 $462,800.
USDCAD TECHS: Sights Are On Trendline Resistance
- RES 4: 1.3805 High Mar 24
- RES 3: 1.3730 1.0% 10-dma envelope
- RES 2: 1.3722 Trendline resistance drawn from the Oct 13 2022 high
- RES 1: 1.3695 High Sep 7
- PRICE: 1.3621 @ 16:37 BST Sep 8
- SUP 1: 1.3547/3490 20-day EMA / Low Sep 1
- SUP 2: 1.3453 50-day EMA
- SUP 3: 1.3352 Low Aug 7
- SUP 4: 1.3266 Low Aug 2
The uptrend in USDCAD remains intact and the pair is trading just below this week’s high. Resistance at 1.3655, the May 26 high, has been cleared. The break exposes 1.3721, a trendline resistance drawn from the Oct 13 2022 high and represents a key resistance. On the downside, key support has been defined at 1.3490. A reversal lower and a breach of this support would signal a short-term top.
AUDUSD TECHS: Trend Signals Remain Bearish
- RES 4: 0.6616 High Aug 16
- RES 3: 0.6542 50-day EMA
- RES 1: 0.6522 High Aug 30 and Sep 1
- RES 2: 0.6456 20-day EMA
- PRICE: 0.6389 @ 16:33 BST Sep 8
- SUP 1: 0.6357 Low Sep 6
- SUP 2: 0.6287 2.00 proj of the Jun 16 - Jun 29 - Jul 13 price swing
- SUP 3: 0.6272 Low Nov 3 2022 and a key support
- SUP 4: 0.6215 2.236 proj of the Jun 16 - Jun 29 - Jul 13 price swing
The AUDUSD trend condition remains bearish Friday’s gains are considered corrective. The move lower this week resulted in a print below key support and the bear trigger at 0.6365, the Aug 17 low. A clear break of this level would confirm a resumption of the downtrend and pave the way for weakness towards 0.6272, the Nov 3 2022 low. Key short-term resistance has been defined at 0.6522, the Aug 30 and Sep 1 high.
