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Crude Markets Still Focused On Weak Demand

COMMODITIES
  • Crude oil is holding onto earlier losses with market focus still on weak demand after the updated EIA inventory data showing a crude build and oil product draws. Gasoline and diesel crack spreads are edging higher driven by the lower inventories and a slight recovery in implied demand.
  • WTI is -1.7% at $72.43 off a post-CPI high of $73.87 that came close to resistance at $73.93 (Apr 28 low) before retreating.
  • Continued sizeable puts today, with the day’s most active strike at $70/bbl puts but this time followed by $75/bbl calls.
  • Brent is -1.5% at $76.28, with its high of $77.56 poking above yesterday’s high and opening resistance at the 20-day EMA of $78.49.
  • Gold is -0.2% at $2030.96 having pulled back off a post-CPI high of $2048.19 with the retreat despite Treasury yields continuing to push lower after the 10Y auction. Resistance seen at $2063 (May 4 high).
Energy BulletsCommodities
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