BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

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Broad Downward Pressure

COMMODITIES
  • Crude oil prices have slid 1-2% today on broader economic fears, seeing little respite from an improvement in US data that drove Treasury yields significantly higher.
  • The US and its allies have discussed capping Russian oil prices at $40-60/bbl with a more specific threshold depending on market conditions, Hungary reiterated it would be “physically impossible” to replace Russian oil and Al-Ghais has been appointed the new OPEC+ Secretary General (a diplomatic role that can be valuable during periods of uncertainty).
  • WTI is -0.9% at $98.58 having touched three-month lows of $95/bbl and clearing two support levels in the process, the last being $95.47 (May 11 low). A firm break here could open $93.45 (Apr 25 low).
  • Brent is -2.1% at $100.66, having stopped just shy of testing support at $98.72 (May 11 low) that could have seen a further ramping up of bearish price activity.
  • Gold prices have taken another leg down today, sliding -1.5% to $1738.6 as it competed with higher UST yields and a stronger dollar. It has cleared multiple support levels, the last being $1753.7 (Dec 15, 2021) and next opens $1721.7 (Sep 29, 2021).
  • Copper prices (HG1) are currently -0.7% lower after yesterday’s 4.7% slide, seeing little boost from improving US data and leaving them down 32% from the early March peak.
Energy BulletsCommodities
Energy BulletsCommodities

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