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Oil Shifts Higher As Supply Fears Outweigh Demand Concerns

COMMODITIES
  • Oil prices are currently up just over 1.5% in a volatile session, but one where persistent supply risks are seen outweighing China demand concern resulting from lockdowns.
  • Part of the supply risks stem from Russia, with April oil output down 0.9mln bpd from March to 10.1mln bpd.
  • WTI is +1.7% at $103.93, sitting marginally closer to resistance at $109.2 (Apr 18 high) than support at $97.37 (50-day EMA).
  • Interestingly, the most active strikes in the Jun’22 contract have been $80/bbl puts.
  • Brent is +1.6% at $108.5 with resistance eyed at $114.84 (Apr 18 high) and support at $104.65 (Apr 20 low).
  • Gold is currently rallying but nevertheless is down -0.3% at $1951.81, hurt by another step higher in US Treasury yields. Technicals are unchanged: support is the 50-day EMA of $1926.5 whilst resistance remains the bull trigger of $1998.4 (Apr 18 high).
Energy BulletsCommodities
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