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Crude Dips, Trades $5 Off Week's High

COMMODITIES
  • WTI and Brent crude futures traded negatively Thursday, with WTI extending the pullback off the week's cycle highs at $85.41/bbl to over $5/bbl. Commodity weakness was notable, coming alongside both USD weakness as well as equity strength, underlining the importance of the build in inventories at yesterday's DoE release as well as the anticipation that Iranian crude could re-enter global energy markets in the coming months. Attention is on the 20-day EMA that intersects at $80.34. A clear breach of this average would signal scope for a deeper pullback and open $78.78, Oct 13 low.
  • Gold and silver held their ground more effectively, with precious metals buoyed by the softening greenback and continued bullish focus for spot gold.
  • The metal maintains a positive short-term tone despite Tuesday's pullback and remains above the 50-day EMA. Price recently cleared resistance at $1800.6, Oct 14 high and this highlights a short-term bullish theme.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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