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Bullish Exhaustion, Strong Dollar Halt Crude Momentum

COMMODITIES
  • Attacks on critical Saudi oil facilities in the Eastern Province on Sunday claimed by Yemen's Houthi rebels sent benchmark Brent crude prices above $70 per barrel for the first time since May 2019. WTI futures (front-month) rose to a high of $67.98, the highest since October 2018. Concerns have risen that escalating tensions could put more energy infrastructure into jeopardy.
  • Following the higher open, bullish momentum faded as US dollar demand became the dominant driver during the European and US sessions. Both Brent and WTI futures are exhibiting losses of 2% on the day, however, both remain above Friday's opening levels.
  • A similar theme in precious metals as both spot gold and silver erased early gains amid consistent USD demand. Spot gold is softer once again and has broken last Friday's low of $1687.34, continuing to make new 2021 lows. The technical bearish theme remains intact.
  • A volatile opening few hours for Copper futures trading up to 417, but sharply reversing over 4% to print 400 in early European trade. Underlying demand amid consistent upgrades to price forecasts sees the front month contract up 0.7% on the day as of writing.
Energy BulletsCommodities
Energy BulletsCommodities

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