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Crude Reverses Gains On EIA Data, Gold Resilient To USD Climb

COMMODITIES
  • Front crude oil futures have seen a sharp reversal of earlier gains for small losses on the day.
  • The paring of gains started from a smaller than expected decrease in EIA crude stocks of -708k vs 2.369m forecast. The data further showed implied US gasoline consumption under 9mbpd for a second straight week, with the 4-week average down to 9.1mbpd or 4% below the same time in 2019.
  • Gains had earlier been supported in a supply constraint backdrop after Russia’s pledge to cut crude output and exports is starting to show. Reported yesterday, Russian seaborne crude shipments in the four-week period to 16 July fell to a six-month low, whilst Russian Urals oil prices rose back above the G7 price cap of $60/bbl today.
  • WTI is -0.6% at $75.30 off a high of $76.97 to move closer to but not trouble resistance at $78.03 (Fibo retracement of Apr 12 – May 4 bear leg).
  • Brent is -0.2% at $79.47, off a high of $80.93 vs resistance at $82.06 (Fibo retracement of Apr 12 – May 4 downleg).
  • Gold is near unchanged at $1978.03 as the USD index eeking out gains has been somewhat offset by lower Treasury yields. It has kept to a relatively narrow range, having yesterday cleared resistance at $1968.0 (Jun 16 high) to open key resistance at $1985.3 (May 24 high).
Energy BulletsCommodities
Energy BulletsCommodities

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