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Crude Loses Ground as Hurricane Fear Abates, Gold Rangebound

COMMODITIES
  • Crude prices have slipped back as US close approaches. Downward pressure late in the day comes from abating fears of disruption in the Gulf of Mexico due to Hurricane Beryl.
  • WTI Aug 24 is down 0.5% at $83.0/bbl.
  • For WTI futures, a bull cycle in remains in play, with the recent breach of $80.11, the May 29 high and a key resistance, strengthening a bullish theme.
  • Note too that $82.24, 76.4% of the Apr 12 - Jun 4 bear leg, has been cleared. This opens $85.27, the Apr 12 high and a bull trigger.
  • Initial firm support to watch is $79.19, the 50-day EMA.
  • Meanwhile, Henry Hub is headed for its lowest close since May 15, continuing the steady decline since June 11. Reduced LNG feedgas flows and consistently high production levels are maintaining downside.
  • US Natgas Aug 24 is down 1.5% at $2.44/mmbtu.
  • Spot gold has edged down by 0.2% to $2,327/oz today, as the yellow metal continues to trade in a very tight $2,320-$2,340 range, ahead of key US payrolls data this week.
  • For gold, a clear break of the 50-day EMA, at $2,319.2, would open $2,277.4, the May 3 low. Initial firm resistance is $2,387.8, the Jun 7 high.
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