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Crude Oil Slides Whilst Gold Takes Step Toward Bear Trigger On Powell

COMMODITIES
  • Crude oil hasn’t escaped the broad cross-asset risk off moves after Fed Chair Powell opened the possibility of a faster pace of rate hikes. Both WTI and Brent fall to lows for the week but remain within Friday’s volatile range.
  • WTI is -3.2% at $77.82, moving closer but still some way off support at $75.83 (Mar 3 low) in a reversal of its recent bull cycle.
  • Brent is -3.0% at $83.56, equally still above support at $82.36 (Mar 3 low).
  • Gold is -1.8% at $1813.95, sliding nearer the bear trigger of $1804.9 (Feb 28 low) as the dollar surges with higher Treasury yields.
  • Trafigura CEO Weir says Russian oil continues to flow amid the G-7 price cap and that’s a good thing whilst China is already exerting a pull on some commodities and apppears set to surpass the 5% growth target announced at the weekend.
  • In the US, Bloomberg reports that Biden administration officials are meeting with oil industry and environmental leaders to weigh on setting federal standards for green natural gas intended to lure European buyers.
Energy BulletsCommodities
Energy BulletsCommodities

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