CRUDE WRAP: WTI (G5) SETTLES USD 2.65 HIGHER AT 76.57/BBL; BRENT (H5) SETTLES USD 2.84 HIGHER AT 79.67/BBL

Analysis details (19:32)

The crude complex ended the day, and week, in positive territory amid a couple of bullish factors into the weekend despite a hot US jobs report. WTI and Brent ground higher throughout the European morning to hit peaks of USD 77.86/bbl and 80.75/bbl, respectively, as it was supported by Chinese officials jawboning overnight and geopolitical updates. On the latter, Israeli Defence Minister Katz said he has ordered the IDF to present him with a plan "for the complete defeat of Hamas in Gaza," if there is no hostage deal by the time incoming US president Trump takes office (Jan 20th), according to a Times of Israel journalist. Thereafter, two oil trade sources stated a US treasury statement detailing new sanctions against Russian oil to be announced later on Friday also helped to boost oil prices, something Reuters was not immediately able to confirm. However, benchmarks peaked after the hot US payrolls report and quickly pared some gains, but amid the aforementioned factors the energy complex was somewhat shielded and still remained notably higher on the day. It is worth being cognizant that desks also continue to cite the cold weather as another reason behind the recent energy strength seen. For the record, in the weekly Baker Hughes rig count, oil fell 2 to 480, natgas dropped 3 to 100, leaving the total falling 5 to 584.

10 Jan 2025 - 19:32- EnergyGeopolitical- Source: Newsquawk