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Lockdown Fears Come To The Fore

COMMODITIES
  • In an acceleration of the weakness from Friday, oil prices have slid throughout the day and cleared 50-day EMAs on fears of further China lockdowns following mass testing in Beijing’s largest district.
  • Explosions reported in Moldova’s breakaway region of Transdniestria helped saw some bounce but it’s been small compared to the demand destruction from Chinese inactivity (Shanghai lockdowns are already estimated to have knocked 1.2m bpd from demand).
  • WTI is -4.7% at $97.30, through the 50-day EMA of $97.80 which next opens key support at $92.6 (Apr 11 low).
  • Brent is -5.3% at $101.00, through the 50-day EMA of $102.72 and opening support at $97.57 (Apr 11 low).
  • Gold is -1.7% at $1899.3, close to testing the bear trigger of $1890 (Mar 29 low) having cleared support at the 50-day EMA. Resistance is seen at the 20-day EMA of $1952.0.
Energy BulletsCommodities
Energy BulletsCommodities

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