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Crude Oil Bounces On China Demand, Gold On USD Slide

COMMODITIES
  • Crude oil has consistently climbed higher for large gains today as it continues a week of day-to-day fluctuations. China factors are front and centre, with optimism from refining levels, officials considering issues $140B of special bonds to help indebted local governments and boost infrastructure spending (per the WSJ) and larger crude import quotas than a year ago.
  • US factors have been mixed, with Treasury yields and the USD lower offering a tailwind but in response to a non-oil friendly set of data with initial claims showing more labour market moderation than expected and other data driving a downward revision in Q2 growth estimates.
  • WTI is +3.6% at $70.73 as it nears resistance at $70.85 (20-day EMA) after which lies a jump to key resistance at $75.06 (Jun 5 high). Bullish activity has seen the day’s most active strikes in the CLQ3 for $75/bbl calls.
  • Brent is +3.5% at $75.76, having cleared $75.49 (Jun 14 high) to next open a bull trigger at $78.73 (Jun 5 high).
  • Gold is +0.8% at $1957.75 boosted by the above Treasury and USD moves. It remains off key short-term resistance at $1985.3 (May 24 high).
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