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Crude Oil Settles Lower Post US CPI Despite Intraday Recovery

COMMODITIES
  • Crude oil on balance has moved lower today after what looked like an in-line US CPI report showed some signs of accelerating broader price pressures and sparked higher Treasury yields. Like other asset classes, major commodities weren’t immune to high volatility in the interim.
  • WTI currently trades -1.35% at $79.06 off a high of a $79.61 and low of $77.46, the latter not troubling support at $76.52 (Feb 9 low).
  • Of a mixed day of trading, most active strikes in the CLH3 have been $80/bbl calls followed by $78/bbl puts.
  • Brent is -1.2% at $85.54, off a high of $86.42 and low of $84.13, but also not troubling support at $83.05 (Feb 9 low).
  • Gold is +0.1% at $1855.22 having recovered from a low of $1843.37, clearing the 50-day EMA of $1855.5, where it’s since reverted to, plus also the Feb 14 low of $1850.5. It potentially opens a key near-term support at $1825.2 (Jan 5 low).
Energy BulletsCommodities
Energy BulletsCommodities

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