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Crude Oil Slips Nearly $6 Over The Week, Gold Ending Notably Softer

COMMODITIES
  • Crude oil prices have edged higher today to only slightly sustained losses seen through the week, with a weekly decline of nearly $6/bbl for Brent to today’s low of $80.5.
  • The market is assessing the weak economic demand picture against supply cuts and potential for stronger crude fundamentals.
  • WTI is +0.6% at $77.84, maintaining levels off support at $75.83 (Mar 31 high) but still off $81.24 (Apr 19 high).
  • Brent is +0.6% at $81.61 having held above support at $79.95 (Mar 31 high) but also off resistance at $85.15 (Apr 19 high).
  • Gold is -1.2% at $1979.84 for a surprisingly heavy decline considering the net weakness in the USD. The day’s first decline came early in the day with a second leg as Treasury yields climbed on stronger than expected US PMIs. The earlier low of $1971.81 came close to support at $1969.3 (Apr 19 low).
  • Weekly moves: WTI -5.7%, Brent -5.5%, Gold -1.2%, US nat gas +4.9%, EU TTF nat gas -2.4%
Energy BulletsCommodities
Energy BulletsCommodities

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