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Demand Fears Return To The Fore

COMMODITIES
  • After some tentative sessions earlier in the week, crude oil has slipped more notably on demand fears as higher than expected US initial jobless claims helped extend earlier declines. WTI leads the way as it moves nearer $70/bbl again, a level last seen prior to Friday’s payrolls report. More recently, prices move close to earlier session lows along with a broader deterioration in risk sentiment
  • WTI is -2.3% at $70.88, moving closer but still some way off support at $68.48 (May 5 low). The day’s most active strikes in the CLM3 have been at $75/bbl calls very closely followed by $70/bbl puts.
  • Brent is -1.9% at $74.96, currently testing support again at $74.95 having earlier pushed to a low of $74.61 before bouncing. Next support would be seen at $71.28 (May 4 low).
  • Gold is -0.8% at $2014.18, sliding with USD strength in further pullback off yesterday’s high of $2048.19. Wide technical ranges after large recent moves see support untouched at $1999.6 (May 5 low).
Energy BulletsCommodities
Energy BulletsCommodities

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