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Higher Dollar And Yields Take The Axe To Commodities

COMMODITIES
  • Crude oil ends the session lower, having caught a rally off the back of a bumper US payrolls report which it failed to hold ahead of end-of-week positioning as the dollar continued to strengthen and Treasury yields cranked higher with rate expectations.
  • The EU backed the $100 price cap for Russian diesel as an import ban looms, whilst supporting a $45 cap for other fuels including some naphtha.
  • WTI is -3.0% at $73.55, through support at $74.97 (Feb 2 low) to open $72.74 (Jan 5 low). Continued downward momentum could open the bear trigger at $70.56 (Dec 9 low).
  • Brent is -2.7% at $79.97, through support at $80.42 (76.4% retrace of Jan 5-23 rally) to open $77.77 (Jan 5 low).
  • Gold slumps -2.5% to $1865.05, tumbling through multiple support levels including the 20-day EMA at $1907.4 and $1867.2 (Jan 11 low) to next eye the 50-day EMA at $1852.6.
  • Weekly moves: -7.7%, Brent -7.7%, Gold -3.3%, US nat gas -22%, EU TTF nat gas +4.4%
Energy BulletsCommodities
Energy BulletsCommodities

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