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Crude Oil Holds Onto Pre-EIA Gains, Gold Slides Post BoC

COMMODITIES
  • Crude oil has held onto the day’s earlier gains as OPEC production cuts for 2024 support the curve backwardation, despite Treasury yields and the USD climbing in spillover from the BoC hiking after a pause.
  • EIA weekly data showed US crude production climbing to the highest since April 2020 (12.4mbpd, breaking out of the 12.2-12.3mbpd range since the start of the year), but it was countered by crude inventories showing a small draw vs the market expectation of a small build driven by a large increase in refinery utilisation and drop in imports.
  • WTI is +1.1% at $72.55 but remains off resistance at the key short-term $75.06 (Jun 5 high). In signs of further but limited optimism, most active strikes in the CLN3 were seen at $75/bbl calls.
  • Brent is +0.9% at $76.96 but remains off the short-term bull trigger at $78.73 (Jun 5 high).
  • Gold is -1.1% at $1942.14, weighed down by the aforementioned macro forces post-BoC. It sees the yellow metal move closer but not yet test support at $1932.2 (May 31 low).
Energy BulletsCommodities
Energy BulletsCommodities

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