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Crude Oil Falters On Demand Fears, Gold Resilient To Late USD Pick Up

COMMODITIES
  • Crude oil is down -2% but with most of the day’s losses coming prior to the belated slide in equities and jump in the USD index after headlines that First Republic Bank is considering asset sales of up to $100B.
  • Earlier declines were attributed to uncertainty over the US and global economy weighing on future oil demand growth expectations and pressured by a strong US dollar. It saw Brent back below the start of week levels and with time spreads falling back towards the lowest since the start of the month.
  • WTI is -2.3% at $76.97, fulfilling bearish outlook as it comes closer to support at $75.83 (Mar 31 high). Further bearish plays headline the session in options space, with most active strikes in the CLM3 at $70/bbl puts.
  • Brent is -2.4% at $80.75, moving nearer to support at $79.95 (Mar 31 high).
  • Gold is +0.6% at $2000.47 with notable resilience to the stronger US. Resistance remains at $2015.1 (Apr 17 high) whilst it shifts further away from support at $1969.3 (Apr 19 low).
Energy BulletsCommodities
Energy BulletsCommodities

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