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A Day Of Two Halves For Crude, Gold Sees One Directional Decline

COMMODITIES
  • Crude oil has seen two clear trends today, first sliding with risk off after Moody’s US bank downgrades and softer China data including oil imports falling 19% from June levels to a six-month low.
  • The subsequent turnaround has been helped by a stabilisation and then increase in equities and the USD index falling back from the day’s highs, whilst some attribute the more recent bid in crude to Zelenskiy saying Ukraine is to pick targets if Russia blocks ports.
  • In other oil news, a western section of the Druzhba pipeline has been fully repaired after a leak and flows were restored on Monday evening. Saudi Arabia’s Council of Ministers today reaffirmed the Kingdom’s committed to strengthen the precautionary efforts of OPEC+ countries aimed at supporting the stability of oil markets, including the extension of the voluntary crude oil output cut of 1mbpd into September according to SPA.
  • WTI is +1.1% at $82.88 off a low of $79.90, moving back closer to resistane at $83.59 (Nov 7, 2022 high). The day’s most active strikes in the front CLU3 have by far been $80/bbl puts, followed by $85/bbl calls in above half the volume.
  • Brent is +1.0% at $86.17 off a low of $83.32, coming close to yesterday’s high of $86.73 after which lies the pyschological $90/bbl.
  • Gold is -0.6% at $1924.98 as USD strength provides a strong headwind to build on yesterday’s drop for the yellow metal.
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