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Dollar Rebound Takes Edge Off Oil and Notably Gold

COMMODITIES
  • Crude and spreads continued to pull back today as the US dollar strengthened on the ECB in a reversal of yesterday's post-FOMC slide, along with the market focused on oil demand growth concerns. The decline gathered pace late in the session along with equities also pulling, perhaps with an eye on tomorrow's payrolls report.
  • ConocoPhillips, the largest independent oil producer in the US, slumped after signaling it will spend more in expanding output and return less capital to shareholders than last year - Bloomberg
  • In LNG space, Freeport has requested permission from FERC to begin additional operations as it moves nearer to a much-delayed reopening.
  • WTI is -1.0% at $75.66 having earlier pushed through support at $75.08 (76.4% of Jan 5-18 bull leg) to open $72.74 (Jan 5 low).
  • Brent is -1.0% at $81.99, clearing support at $82.06 (61.8% retrace of Jan 5-23 rally) to open $77.77 (Jan 5 low)
  • Gold is -1.0% at $1939.93 on that rebound for the USD, after the yellow metal surged to clear its bull trigger after the FOMC yesterday. It’s still some way off support at $1906.8 (20-day EMA).
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