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Gas Dominates On Continued Fallout From Freeport Fire

COMMODITIES
  • Crude oil prices have been trimmed today after yesterday’s new cycle highs with Brent getting close to $125/bbl, on a day where more focus has been on gas in the continued fallout from the fire at the Freeport LNG terminal in Texas.
  • WTI is -0.34% at $121.68, maintaining below yesterday’s high of $123.18 with support at $117.14 (Jun 7 low). Today’s most active strike in CLN2 has been $125/bbl calls.
  • Brent is -0.16% at $123.39, also off yesterday’s low of $124.4 and more comfortably above support at the 20-day EMA of $114.88.
  • Gold is -0.27% at $1848.48 as it remains largely rangebound this week, surprisingly resilient to USD strength following the ECB decision. Resistance remains the 50-day EMA of $1872.7 with support at $1828.6 (Jun 1 low).
  • US natural gas unwound some of the post-Freeport fire drop on a modestly smaller than expected rise in gas stockpiles plus news that the terminal is set to remain shut for a minimum of three weeks, bouncing +2.4% on the day but still almost 5% lower from early yesterday levels.
  • In contrast, European gas prices settle sharply higher, rising 16% in the UK and with the Dutch TTF up almost 7%.
Energy BulletsCommodities
Energy BulletsCommodities

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