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Brent Nears Bull Trigger And Gold Pushes Higher With USD Tailwind

COMMODITIES
  • Crude oil prices have rebounded to test recent highs and technical resistance with support from a weaker US dollar after the payrolls report and tighter supply concerns.
  • Latest on supply: Pipeline damages on Iraq-Turkey export pipeline to the port of Ceyhan are likely the cause for the continued halt in flows, Iraq’s oil minister said. Kazakhstan’s crude production has been recovering after a power outage earlier this week constrained supply.
  • WTI is +2.6% at $73.65, clearing $72.72 (Jun 21 high) and eyeing key resistance at $75.70 (Jun 5 high).
  • Brent is +2.3% at $78.25, clearing $77.25 and setting its sights on the bull trigger at $78.47 (Jun 5 high).
  • Gold is +0.8% at $1926.05, boosted by the aforementioned weaker USD. An earlier high of $1934.71 easily cleared resistance at $1929.1 (20-day EMA) before pulling back, but nevertheless opens $1945.9 (50-day EMA).
  • Weekly moves: WTI +5.5%, Brent +4.5%, Gold +0.4%, US nat gas -4.7%, EU TTF nat gas -9.8%
Energy BulletsCommodities
Energy BulletsCommodities

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