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Crude Highest Since Late April, Spot Gold Unchanged

COMMODITIES
  • WTI has risen to the highest level since April 29, supported by improved sentiment for summer demand.
  • WTI Aug 24 is up 2.3% at $83.4/bbl.
  • OPEC’s crude production was steady for the third month, while some members continued to exceed their quotas, according to Bloomberg.
  • A bull cycle in WTI futures remains in play and the contract has pierced $82.24, 76.4% of the Apr 12 - Jun 4 bear leg. A clear break would open $85.24, the Apr 12 high and a bull trigger.
  • In contrast, Henry Hub is on track for its lowest close since May 15. The ongoing retreat is driven by a recent recovery in US production, a softening in cooling demand expectations, and ongoing curtailment to US LNG export feedgas flows.
  • Reuters analysts also forecast US natgas storage to be currently about 19% above average.
  • US Natgas Aug 24 is down 4.6% at $2.48/mmbtu.
  • Spot gold remains broadly unchanged for a second consecutive session at $2,328/oz on Monday.
  • A clear break of the 50-day EMA, at $2,318.7, would open $2,277.4, the May 3 low. Initial firm resistance is $2,387.8, the Jun 7 high.
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