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Crude Sees A Steady Session To End Week Bolstered By OPEC+

COMMODITIES
  • Crude oil sees an unusually steady session, largely tracking sideways and in doing so broadly consolidating the jump seen first thing in the week after the surprise OPEC+ cut announcement for a large weekly gain. Tomorrow’s US nonfarm payrolls could provide the latest, more significant macro steer for demand implications.
  • WTI is +0.04% at $80.64, with resistance at 81.81 (Apr 4 high) and support at $77.60 (23.6% retrace of Mar 20 - Apr 3 rally).
  • Brent is +0.06% at $85.04 with resistance at $86.44 (Apr 3 high) and support at $82.57 (23.6% retrace of Mar 7 – Apr 3 uptrend).
  • Gold is -0.5% at $2009.80 as it pulls back further off yesterday’s high of $2032.1 (forming initial resistance) despite the USD on balance moving softer today. Intraday correlation with the US dollar has softened these past two days but still holds over the week as a whole, with gold benefiting from an on net weaker USD.
  • Weekly moves: WTI +8.4%, Brent is +7.2%, Gold is +1.5%, US nat gas -4.9%, EU TTF -1.1%.
Energy BulletsCommodities
Energy BulletsCommodities

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