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Crude Bounces Despite Demand Uncertainty

COMMODITIES
  • Crude oil has bounced after yesterday’s decline, rising circa 2%. The gains come despite uncertainty remaining over the compliance with current production cut targets from Russia and from OPEC starting next month.
  • Further, on the demand side the speed of recovery in China is still unclear and there is uncertainty over global demand with expectations that the US Fed may be getting closer to ending its rate hike cycle.
  • WTI is +2.1% at $81.45, approaching resistance at $81.81 (Apr 4 high) after which sits key resitance at $83.04 (Jan 23 high).
  • With reasonably wide ranges to the session of $79.37-$81.59, the most active strikes in the CLK3 currently edge out with $75/bbl puts, closely followed by $80/bbl calls.
  • Brent is +1.7% at $85.58, off resistance at $86.44 (Apr 3 high) after which sits $87.87 (Jan 27 high).
  • Gold is +0.65% at $2004.47 as it resumes gains amidst USD weakness, although it remains some way off resistance at $2032.1 (Apr 5 high).
Energy BulletsCommodities
Energy BulletsCommodities

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