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Across The Board Declines On De-Escalation Hopes

COMMODITIES
  • Commodities have seen a sizeable pullback on de-escalation hopes, with Russia stating early on that they don't want to topple the Ukrainian government and prefers to achieve goals via talks before Zelensky later adding he is prepared for certain compromises to end the war.
  • Crude oil prices have seen an additional hit, 12-13% today with the UAE saying it favors production increases and will be encouraging OPEC to consider higher production higher levels, giving back some of the decline after the Iraq oil minister says the OPEC+ increases are enough with extra output hikes potentially harming the market.
  • WTI is -12.0% at $109.4 having earlier touched a low of $103.63, fleetingly clearing the second support level of $105.18 (Mar 2 low) and opening $95.32 (Mar 1 low).
  • Brent is -13.0% at $111.3 off earlier lows of $105.6, fleetingly clearing the second support level of $106.83 (Mar 2 low) and opening $98.30 (Mar 1 low).
  • Gold is -3.2% at $1984.78 close to testing yesterday's late low of $1981.2 again after which it opens $1929.9 (Mar 4 low).
  • European gas sharply unwinds some of the recent rises with a 27% slump today but remains 120% higher ytd.
Energy BulletsCommodities
Energy BulletsCommodities

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