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Bullish Price Sequence in Oil Extends

COMMODITIES

Oil markets remain supported, with both WTI and Brent crude futures inching higher still to secure another session of higher highs to keep the bull run in tact. For Brent crude futures, markets have extended the sequence of higher highs to 16 of the past 19 sessions. This has helped narrow the gap for Brent crude with the key resistance at the 2020 high of $71.75.

  • EIA's NatGas storage change figures cross later today, with markets expecting a draw of around 328 BCF in the latest week of data.
  • Precious metals are mixed, with gold slightly weaker while silver holds water. The gold/silver ratio remains close to cycle lows, with persistent gold underperformance likely to result in the lowest ratio since 2013.
Energy BulletsCommodities
Energy BulletsCommodities

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