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Crude Holds Onto Eventual Bounce Despite US Inventory Build

COMMODITIES
  • Crude oil ends a six-day losing streak, holding onto the prior move after latest EIA data showed a larger than expected crude build and another drop in refinery utilisation in the US. Gasoline cracks rallied with a pick up in demand but diesel remained lower.
  • At least 23mbbls of Russian crude and additional volumes of refined fuels have been transferred from one tanker to another in the coast of Greece since the start of the year according to tanker tracking by Bloomberg, one of a series of workarounds that traders have used to overcome EU sanctions.
  • WTI is +2.0% at $75.43, which after the recent rout is still a little way off next resistance at $80.62 (Feb 13 high). Renewed downside would see support at $73.80 (Feb 23 low).
  • Downside protection leads options activity in the CLJ3 today, with most active strikes at $70/bbl puts.
  • Brent is +2.0% at $82.21, also some way off next resistance at $86.95 (Feb 14 high). Renewed downside would see support at $80.40 (Feb 23 low).
  • Gold is -0.1% at $1823.65, off a low of $1817.58 that fleetingly cleared $1819.0 (Feb 17 low), a stronger clearance of which could open $1805.3 (2.0% 10-dma envelope).
Energy BulletsCommodities
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