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Crude Hits Reverse as Colonial Flow Back Online

COMMODITIES
  • Having been propped up for much of the early half of the week, WTI and Brent crude futures hit reverse Thursday, selling through the week's lows and key support at $63.68/bbl to narrow the gap with the May low of $62.91/bbl.
  • The pressure on oil came as the operators of the Colonial Pipeline confirmed that flow will likely resume at full capacity in the coming few days and, while there may be some pockets of disruption in the near-term, there will be no further supply issues.
  • Selling pressure in WTI fed through into Brent crude, which faces the first test at the $66.14 50-dma. A close below would open the early April lows.
  • Metals markets came under acute selling pressure throughout Thursday trade, with China-listed iron ore in particular suffering. The benchmark dropped over 10% at some points in the session following yesterday's commitment from the Chinese authorities that they would rein in runaway prices.
  • Gold rebounded, with the yellow metal erasing early weakness to trade slightly higher into the Thursday close.
Energy BulletsCommodities
Energy BulletsCommodities

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