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COMMODITIES: Firmer USD, Softening Stocks Weigh on Crude

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WTI and Brent crude futures head through the NY crossover at the lowest levels of the session so far, with WTI futures edging back toward the $73/bbl support, but avoiding a break below for now. The firming USD and softer equity sentiment are the primary drivers here - as well as the prevalence for markets to sell geopolitical risk-triggered intraday rallies.

  • Market focus may shift to the upcoming call between POTUS Biden and Israel's Netanyahu - ahead of which Axios write that the US want to "make sure Israel attacks targets in Iran that are significant without being disproportionate." - infitting with the US' opposition to broad attacks on Iranian oil infrastructure, as the administration look to avoid a spike in energy costs ahead of the November election.
  • For WTI, first support undercuts at the 20-day EMA of $71.41 and Brent futures at $74.89. A clear break of either would be seen as an early reversal signal.
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WTI and Brent crude futures head through the NY crossover at the lowest levels of the session so far, with WTI futures edging back toward the $73/bbl support, but avoiding a break below for now. The firming USD and softer equity sentiment are the primary drivers here - as well as the prevalence for markets to sell geopolitical risk-triggered intraday rallies.

  • Market focus may shift to the upcoming call between POTUS Biden and Israel's Netanyahu - ahead of which Axios write that the US want to "make sure Israel attacks targets in Iran that are significant without being disproportionate." - infitting with the US' opposition to broad attacks on Iranian oil infrastructure, as the administration look to avoid a spike in energy costs ahead of the November election.
  • For WTI, first support undercuts at the 20-day EMA of $71.41 and Brent futures at $74.89. A clear break of either would be seen as an early reversal signal.