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Inventory Draw Can’t Offset Fed Gloom

COMMODITIES
  • Crude oil prices have seen a steadier but still solid decline after yesterday’s Fed Chair Powell-induced slide with opening the door to faster rate hikes, which continue to weigh on risk sentiment. There was little support for prices from the first decline in EIA crude inventories in eleven weeks.
  • WTI is -1.5% at $76.42 having moved closer to support at $75.83 (Mar 3 low) after which sits key short-term support at $73.80 (Feb 22 low). Most active strikes in the CLJ3 today have been $75/bbl puts.
  • Brent is -1.0% at $82.43 having earlier cleared $82.36 (Mar 3 low) briefly to open $80.25 (Feb 23 low).
  • Gold is +0.1% at $1815.34 with the DXY reversing an earlier decline for ultimately little changed after yesterday’s surge. It leaves gold still close to the bear trigger at $1804.9 (Feb 28 low).
  • Trafigura see Brent in the $90s by mid-year on rebounding China demand.
Energy BulletsCommodities
Energy BulletsCommodities

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