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Further Boost For Oil As Russian Oil Looks To Be Shunned

COMMODITIES
  • Oil prices rise solidly throughout most of the day despite IEA cutting its oil demand forecast following China lockdowns early on. The move has been helped by major global trading houses planning to reduce crude and fuel purchases from Russia's state-controlled oil companies as early as May 15 to avoid falling foul of EU sanctions on Russia, according to Reuters sources.
  • There was a much larger build than forecast for the headline crude stocks (+9.4mln bbls vs. exp. +256k) - but partially priced in due to similar pattern in last night's API data.
  • WTI is +3.5% at $104.2 as it approaches key near-term resistance of $105.59 (Apr 5 high) after which it opens $108.75 (Mar 30 high).
  • Brent is +3.9% at $108.7, also close to initial firm resistance at $109.9 (Apr 5 high) with support materially lower at $97.57 (Apr 11 low).
  • Gold is +0.5% at $1976.6 having cleared resistance at $1978.6 (Apr 12 high) but is struggling to hold onto the higher level. A sustained break would open $1980.3 (50% retracement of Mar 8-29 downleg).
Energy BulletsCommodities
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