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China Demand Fears And Risk-Off Weigh On Oil, Gold

COMMODITIES
  • Crude oil prices are flat to down as part of a session with broader risk-off sentiment. There was a particular impact from renewed concerns over Chinese demand as Shanghai began mass testing for Covid symptoms, whilst supply is bolstered by the CPC pipeline being allowed to continue carrying Kazakhstan exports. In products, Bolsonaro says Brazil is close to buying diesel from Russia.
  • WTI is -0.65% at $104.11, off a low of $100.91 but with the bear cycle intact and with support next eyed at $95.10 (Jul 6 low).
  • Brent is +0.05% at $107.07, off the intraday high of $107.7 and close to resistance at the 50-day EMA of $109.02 but with a bearish outlook and support at $98.5 (Jul 6 low).
  • Gold meanwhile has fallen further as dollar strength continues to bite, -0.44% at $1734.74 having got close to last week’s low of $1732.3 (Jul 6 low). Having cleared a key short-term support and bear trigger of $1787, further momentum could see it open $1721.7 (Sep 29, 2021 low).
  • Separately, the Texas power grid is facing its biggest test of the year amidst scorching temperatures, with the grid issuing a conservation alert and asking users to reduce consumption.
Energy BulletsCommodities
Energy BulletsCommodities

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