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A Tale Of Two Halves As Risk Sentiment Sours

COMMODITIES
  • Crude oil and commodities more generally see a mixed session, with gains early on helped by China debating whether to reduce mandatory-quarantine periods for visitors before higher Treasury yields and a bounce in the US dollar put pressure on them.
  • Colombian President Petro said oil, gas and coal producers can continue operating with their existing contracts, whilst refilling the US SPR at $67-72/bbl would see the US buying at a much lower rate than the >$85/bbl it’s sold it over the last five years.
  • WTI is +0.5% at $85.95, clearing resistance at the 50-day EMA of $87.24 before retracing. Support is seen at at82.09 (Oct 18 low). By far the most active strikes in the CLZ2 today have been $100/bbl calls.
  • Brent is +0.05% at $92.46 after coming close to resistance at $95.17 (Oct 12 high) before retracing. Support seen at $88.67 (61.8% retrace of Sep 26 – Oct 10 rally).
  • Gold is -0.07% at $1628.3 but remains off the intraday low of $1622.5 after which lies the bear trigger of $1615.0 (Sep 28 low).
Energy BulletsCommodities
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