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Crude Oil Recovers To Edge Higher After Prior Week Slide

COMMODITIES
  • Crude oil has edged higher today having reversed earlier downward pressure along with a recovery in equities and cross asset risk sentiment more broadly.
  • However, up less than 1% on Friday’s close, it does little to claw back last week’s 13% slide for WTI (the largest since Apr’22), whilst the Brent Dec-Dec spread narrowed to its weakest level since Dec’21 as long-term demand fears still weigh.
  • WTI is +0.9% at $67.31 off an intraday low of $64.12 that forms initial support after which sits a key support at $62.43 (Dec 2, 2022 low cont). Resistance is seen at $69.64 (Mar 17 high).
  • In options space, most active strikes in the CLK3 have been at $75/bbl calls today.
  • Brent is +0.8% at $73.52 off a low of $70.12 and round number support at $70. Resistance is seen at $70.57 (Mar 17 high).
  • Gold is -0.3% at $1983.1 as it pulls back from a high of $2009.7 with a reversal of an earlier rally in Treasury yields, The clearance of the psychological $2000 handle further strengthens the current uptrend and opens $2034 (2.00 proj of Sep 28-Oct rally drawn from Feb 28).
Energy BulletsCommodities
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