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Mixed Day For Crude As Gold Hits 6-Week High Ahead of US CPI

COMMODITIES
  • Crude oil has had a mixed session to currently sit almost unchanged. Russia’s Transneft has confirmed the suspension of oil flows to the EU via the southern leg of the Druzhba pipeline (through Ukraine to Hungary, Slovakia & Czech Rep) with currently no effect on the northern leg (via Belarus to Poland and Germany).
  • EIA short-term forecasts for the US to consume slightly less gasoline this year than previously thought (8.83mbpd vs 8.84) even if total demand will still top 2021 levels.
  • WTI is +0.08% at $90.83 having touched a high of $92.65 but still not troubling resistance at $95.10 (20-day EMA). Last week’s bearish price action has reinforced a vulnerable theme, with support seen at $87.01 (Aug 5 low).
  • By far the most active strikes in CLU2 contracts today have been $015/bbl and $106/bbl calls.
  • Brent is +0.04% at $96.69, off an earlier high of $98.40 having come closer to testing the 20-day EMA at $99.92, moving further away from support at $92.78 (Aug 5 low).
  • Gold is +0.3% at $1794.38 having earlier touched a six week high of $1800.46, fairly well despite rising Tsy yields ahead of tomorrow’s US CPI report. In doing so it clears both resistance at both $1795.0 (Aug 4/5 high) and trendline of $1797.1 (drawn from Mar 8 high), opening $1825.1 (Jun 30 high).
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  • Crude oil has had a mixed session to currently sit almost unchanged. Russia’s Transneft has confirmed the suspension of oil flows to the EU via the southern leg of the Druzhba pipeline (through Ukraine to Hungary, Slovakia & Czech Rep) with currently no effect on the northern leg (via Belarus to Poland and Germany).
  • EIA short-term forecasts for the US to consume slightly less gasoline this year than previously thought (8.83mbpd vs 8.84) even if total demand will still top 2021 levels.
  • WTI is +0.08% at $90.83 having touched a high of $92.65 but still not troubling resistance at $95.10 (20-day EMA). Last week’s bearish price action has reinforced a vulnerable theme, with support seen at $87.01 (Aug 5 low).
  • By far the most active strikes in CLU2 contracts today have been $015/bbl and $106/bbl calls.
  • Brent is +0.04% at $96.69, off an earlier high of $98.40 having come closer to testing the 20-day EMA at $99.92, moving further away from support at $92.78 (Aug 5 low).
  • Gold is +0.3% at $1794.38 having earlier touched a six week high of $1800.46, fairly well despite rising Tsy yields ahead of tomorrow’s US CPI report. In doing so it clears both resistance at both $1795.0 (Aug 4/5 high) and trendline of $1797.1 (drawn from Mar 8 high), opening $1825.1 (Jun 30 high).