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CPI-Induced USD Slide Sees Crude Rise, Gold Surge

COMMODITIES
  • Crude prices traded above $80/bbl for the first time since May today before flittering either side of the level as the USD slid on softer than expected CPI data.
  • It helped limit the impact of an unexpectedly large build in weekly US crude inventories later on (EIA weekly showed build of 5,946mn tons, vs estimated draw of 108mn tons).
  • Later in the session, Bloomberg reported that Russia's Urals crude topped the G-7 price cap of $60/bbl for the first time. The price cap allows Russian oil to be transported with western ships and insurance only if it’s priced below the threshold.
  • WTI is +1.5% at $75.99, clearing the key resistance at $75.70 (Jun 5 high) to open $76.35 (Apr 28 high) after which lies $78.62 (Apr 24 high).
  • In options space, the day's most active WTI strikes for the CLQ3 have been $75/bbl calls, followed by $70/bbl puts.
  • Brent is +1.2% at $80.36, clearing $79.94 (Fibo retrace of Apr 12 - May 4 downleg) and stopping three cents short of $80.58 (Apr 26 high).
  • Gold is +1.3% at $1958.10 with the CPI miss helping it reverse an earlier small decline and pushing spot closer to resistance at $1968 (Jun 16 high).
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