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Crude Extends Recovery, But Cycle Highs Out of Sight For Now

COMMODITIES
  • Both WTI and Brent crude futures traded well Friday, with WTI showing back above the $74.50/bbl level, while Brent traded just above $75.50/bbl. Gains in energy markets were built on the back of yesterday sharp draw in crude oil and gasoline inventories, indicative of the solid demand for fuel products as the US economy reopens.
  • The recovery saw further support from the faltering greenback Friday, which put the USD Index over 0.5% off the week's best levels. Despite the bounce in oil, focus remains on the downside, with Brent eyeing $71.24, the Jun 17 low. Similarly, WTI has cleared its 20-day EMA, opening losses toward $69.54, Jun 17 low.
  • Gold maintains a firmer tone. Attention is on the50-day EMA that intersects at $1814.1. A clear break of the EMA is required to suggest scope for a stronger rally. This would open $1833.7, 50.0% of the Jun 1 - 29 decline.

Energy BulletsCommodities
Energy BulletsCommodities

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