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Crude Slumps Further As Production Cuts Take A Back Seat

COMMODITIES
  • Crude markets have fallen heavily today, weighed down by economic concerns and weaker demand growth expectations as the OPEC voluntary production cuts have largely been dismissed by the financial markets. Earlier, Goldman lowered its forecast Brent in Dec’23 by $9 to $86/bbl.
  • The concern for a US recession is driving WTI quicker than Brent taking the front month spread down to -4.7$/bbl.
  • WTI is -4.53% at $66.99, again probing $67.03 (May 31 low) after which lies a key support at $63.90 (May 4 low). The day’s most active strikes for the CLN3 have been $70/bbl calls closely followed by $65/bbl puts.
  • Brent is -4.0% at $71.79 having pushed through $73.58 (Jun 8 low) to open $71.50 (May 31 low).
  • Gold is -0.2% at $1957.36 as it struggles to gain traction amidst USD strength. It remains above support at $1932.2 (May 31 low).
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