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Ever Given Freed, Whippy Price Action In Oil

COMMODITIES
  • Two-way price action in Oil as crude futures swung from negative to positive amid a multitude of headlines. News that the container ship blocking the Suez Canal had been refloated prompted some headwinds in the space, with WTI futures dipping to $60/barrel. However, dips remained well supported.
  • Reuters reported that Russia would support stable oil output from OPEC+ ahead of a meeting with the producer group later this week. The news was a calming effect on the markets and led to WTI trading up just shy of 1% with Brent futures up 0.5% at $65/barrel.
  • A marginally stronger US dollar further soured sentiment in precious metals. Gold prices that had been somewhat coiled, respecting a short-term $1,725-45 range, finally broke lower. Stops were triggered through last week's lows and extended through the March 18 low of 1,719.42.
  • This signals scope for a deeper pullback to $1699.3, Mar 12 low and the trigger for a test of key support at $1676.9. From a short-term trend perspective, the overall recovery from this March 8 low remains intact.
  • Bitcoin surged 7% on Monday and continues the stellar recovery after dipping to $50,000 late last week.
Energy BulletsCommodities
Energy BulletsCommodities

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