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Gold Briefly Clears $2000 Whilst Oil Slips With Risk-Off

COMMODITIES
  • Crude oil reverses earlier gains to fall -1.5-2% on growing risk-off moves later in the session with added downward pressure from the US Energy Secretary Granholm saying SPR refills will take years and that it will be difficult to refill in the $70/bbl range this year.
  • WTI is -2.2% at $69.37, having earlier cleared resistance at $71.31 (Mar 22 high) to open the 20-day EMA at $73.16 before retracing. After gains earlier in the week, it doesn’t test support at $66.90 (Mar 21 low).
  • A mixed session sees most active strikes in the CLK3 at both $75/bbl calls and $60/bbl puts.
  • Brent is -1.7% at $75.37, also having cleared $77.12 (Mar 22 high) but still clearly above support at $72.82 (Mar 21 low).
  • Gold is +1.3% at $1996.2 after an earlier clearance of $2000 – read more here.
Energy BulletsCommodities
Energy BulletsCommodities

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