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EU Partial Russia Ban Boosts Oil, OPEC Takes It Away

COMMODITIES
  • Crude oil has seen a mixed day, rising further early on after the EU agreed a partial ban on Russian oil with a six-month phase in for crude, which helped WTI eventually top out just shy of $120. However it then evaporated gains late on with WSJ reporting that OPEC is weighing suspending Russia from its oil production deal and that some OPEC members including Saudi Arabia may be planning to boost production.
  • WTI is -0.2% at $114.80. There is a wide band to technical levels, with support eyed at the 20-day EMA of $108.25 and resistance still the $120 psychological resistance that proves binding today.
  • On a mixed day, the most active strikes in the Jul’22 contract have been $130/bbl calls followed by $110/bbl puts.
  • Brent is +1.0% at $122.90, having stopped short of testing $125.30 (1.382 proj of the May 11-17-19 price swing).
  • Gold is -0.7% at $1841.6 as surging Treasury yields and dollar strength against JPY and EUR weighed on the yellow metal. It had recently maintained a firmer shorter-term tone although gains were considered corrective, leaving technical levels unchanged: resistance remains $1869.7 (May 24 high) with support at $1807.5 (May 18 low).
Energy BulletsCommodities
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