OIL PRODUCTS: Sanctions on Teapot Bullish for Russian and Non-Iranian ME Crude:

WTI futures are firmer early Wednesday, however a bear threat remains present given the proximity to recent lows. Earlier this week, price pulled back from the recent high and has again traded below the 50-day EMA - at $71.62. Attention is on $70.20 (pierced), the Feb 6 low. A clear break of it would undermine a bullish theme and confirm a breach of the 50-day EMA. This would strengthen a bearish threat and open $67.75, the Dec 20 ‘24 low. Key S/T resistance has been defined at $74.06, the Feb 3 high. A move above this level would reinstate a bull theme. A bull cycle in Gold remains in play and the yellow metal continues to hold on to the bulk of its recent gains. Fresh highs once again confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on the $2962.2, a Fibonacci projection. The first key support to watch is $2833.2, the 20-day EMA.

• WTI Crude up $0.52 or +0.72% at $72.37
• Natural Gas down $0.02 or -0.4% at $3.991
• Gold spot up $8.93 or +0.3% at $2945.17
• Copper up $1.5 or +0.32% at $465.65
• Silver up $0.11 or +0.32% at $32.9936
• Platinum up $1.12 or +0.11% at $987.22

The trend condition in Eurostoxx 50 futures remains bullish, with prices edging to a new alltime high on the continuation contract. The move higher last week confirmed once again, a resumption of the uptrend that started on Nov 21 ‘24. Moving average studies are in a bull mode set-up too, highlighting a dominant uptrend. Support to watch is 5325.83, the 20-day EMA. S&P E-Minis continue to climb and the contract maintains a firmer tone. Attention is on resistance at 6162.25, the Jan 24 high. Clearance of this level would expose the key resistance at 6178.75, the Dec 6 ‘24 high. A move above this hurdle would resume the primary uptrend. On the downside, initial key support has been defined at 6014.00, the Feb 10 low. A break would highlight a bearish development.

• Japan's NIKKEI closed lower by 105.79 pts or -0.27% at 39164.61 and the TOPIX ended 8.26 pts lower or -0.3% at 2767.25.
• Elsewhere, in China the SHANGHAI closed higher by 27.049 pts or +0.81% at 3351.539 and the HANG SENG ended 32.57 pts lower or -0.14% at 22944.24.
• Across Europe, Germany's DAX trades higher by 51.82 pts or +0.23% at 22895.36, FTSE 100 lower by 9.44 pts or -0.11% at 8757, CAC 40 down 15.83 pts or -0.19% at 8191 and Euro Stoxx 50 up 1.47 pts or +0.03% at 5534.71.
• Dow Jones mini up 40 pts or +0.09% at 44682, S&P 500 mini up 5 pts or +0.08% at 6151.25, NASDAQ mini up 25 pts or +0.11% at 22255.5.

ERM5 97.87/98.00/98.12/98.25c condor, sold at 4.25 in 5k (unwind).