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Crude Oil Slides Further, Brent Earlier Nearly Opened Key Support

COMMODITIES
  • Crude oil has fallen further today, hindered by weak demand from China (not helped by softer than expected official PMIs overnight) and an on net stronger dollar even after some depreciation seen after two FOMC officials supported skipping in June.
  • OPEC+ meet this weekend to decide their latest production quotas as the group weighs up it's tumbling crude exports in May against weak Chinese demand that has sub-$70/bbl Brent in its headlights after already claiming WTI this week.
  • In the US, EIA monthly oil data showed crude oil output rising to 12.696mbpd for its highest since Mar’20.
  • WTI is -2.0% at $68.07 off a low of $67.03 that breached yesterday’s $69.02 and came close to $66.46 (76.4% of the May 4-24 rally).
  • Brent is -1.1% at $72.71, off a low of $71.39 that breached $73.2 (May 30 low) and came close to $71.28 (May 4 low) after which lies a key support at $70.10 (Mar 20 low).
  • Most active strikes in the COQ3 today have been $85/bbl calls, but are followed by $70/bbl puts and with some sizeable plays at $65/bbl and $60/bbl puts
  • Gold is +0.3% at $1965.64 having earlier poked above the 50-day EMA at $1971.3 in a move that could next open key short-term resistance at $1985.3 (May 24 high).
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