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Crude Oil Next Eyes Key Near-Term Support Levels

COMMODITIES
  • Oil prices slide further on continued growth fears although a worsening supply squeeze pushing US natural gas prices to a 14-year high.
  • WTI is -2.9% at $100.07 having cleared initial support at $100.28 (May 2 low) which opens key near-term support at $95.28 (Apr 25 low).
  • Puts replace calls as most active strikes today for the CLM2 contract, with $100/bbl followed by $95/bbl.
  • Brent is -3.0% at $102.77, also through support at $103.1 (May 2 low) and opening key near-term support at $99.25 (Apr 25 low).
  • Demonstrating the range to today’s moves, the most active strikes in the CLM2 contract have been $120/bbl calls followed by $105/bbl calls.
  • Brent is -5.8% at $105.93, also through the 20-day EMA at $107.13, opening $103.1 (May 2 low).
  • Gold sits -0.7% at $1841.87, just off session lows and the lowest print since February having erased the entire move higher since the Russian invasion of Ukraine. The 200-dma undercuts as support here ($1836.7) but weakness below that level opens $1828.42, the 76.4% retracement of the Dec - Mar rally.
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