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Demand Fears Dominate

COMMODITIES
  • Oil prices have slumped as global risk assets selloff, starting with a continuation of increased China demand concerns amid lockdowns and sharply weaker China export data. It largely shook off Putin’s Victory Day Parade speech.
  • Further, Saudi Arabia yesterday cut prices for Asian and European customers.
  • WTI is -6.1% at $103.13, sharply going against the bullish tone seen in technicals. It clears first support at the 20-day EMA at $104.05 and opens $100.28 (May 2 low).
  • Demonstrating the range to today’s moves, the most active strikes in the CLM2 contract have been $120/bbl calls followed by $105/bbl calls.
  • Brent is -5.8% at $105.93, also through the 20-day EMA at $107.13, opening $103.1 (May 2 low).
  • Gold is -1.5% at $1855.04 as dollar strength weighs on it, fulfilling the previously observed bearish threat. It sits just above support at $1850.5 (May 3 low) with a closely followed $1848.8 (76.4% retracement of Jan 28 – Mar 8 rally).
Energy BulletsCommodities
Energy BulletsCommodities

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