AMERICAS OIL: Pemex Shuts Dos Bocas on Lack of Refinery-Ready Oil

• RES 4: 160.00 Round number resistance   
• RES 3: 159.45 High Jul 12
• RES 2: 159.26 0.618 proj f the Sep 16 - Nov 15 - Dec 3 price swing  
• RES 1: 157.93 High Dec 20 
• PRICE: 157.13 @ 16:38 GMT Dec 23
• SUP 1: 155.89/153.36 High Nov 20 / 20-day EMA
• SUP 2: 152.13/150.90 50-day EMA / Low Dec 10  
• SUP 3: 149.37 Low Dec 06 
• SUP 4: 148.65 Low Dec 03 and the bear trigger

USDJPY bullish conditions remain intact and last week’s strong gains reinforce current conditions. The breach of 156.75, the Nov 15 high and a bull trigger, confirms a resumption of the uptrend and opens 159.45, the Jul 12 high. Moving average studies are in a bull-mode position highlighting a clear dominant uptrend. Initial firm support is 153.36, the 20-day EMA. A pullback would be considered corrective.     

Egypt’s imports of Israeli gas hit an 8-month high of 1.02 bcf/d in November, according to MEES.

• This helped Cairo to cut its need for spot LNG cargoes, with several cargoes due for Q4 delivery pushed into Q1 2025.
• This was the first time Egypt’s imports of Israeli gas exceeded 1 bcf/d since hitting a record 1.065 bcf/d in April.
• Flows fell below 900 mcf/d for June and July amid Israel’s own summer power peak demand, MEES said.

• Crude has edged lower today, with pressure from a stronger USD dollar as the market quietens down towards the Christmas period.
• WTI Feb 25 is down by 0.2% at $69.3/bbl.
• Earlier, Roi Kais at Kan reported on X, per Saudi-owned Al-Sharq TV channel, that "there is significant progress," toward a Gaza ceasefire-for-hostage deal, "but there are still issues in dispute."
• A bearish threat in WTI futures remains present and sights are still on $65.57, the Oct 1 low, and $63.73, the Sep 10 low and key support. Initial firm resistance to watch is unchanged at $71.97, the Nov 7 high.
• Meanwhile, spot gold has declined by 0.5% today to $2,611/oz.
• The sharp move lower in gold last week undermined the recent bullish theme, and a resumption of weakness would signal scope for an extension towards the key support at $2,536.9, the Nov 14 low.
• However, moving average studies are in a bull mode position highlighting a medium-term uptrend and this suggests that the recent sell-off is likely a correction. Initial pivot resistance is $2,639.9, the 20-day EMA.
• Copper has also dipped by 0.2% to $409/lb, keeping the red metal close to its lowest levels since last August.
• A bearish trend condition in copper futures is intact, with attention on $401.35, the Aug 7 low and a bear trigger.