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Mixed Messages On EU Russian Oil Ban, Gold Tests Resistance

COMMODITIES
  • Crude oil markets are ending a relatively restrained session lower, after EC’s Von der Leyen first indicated that the Russian oil embargo is set to pass in coming days before later saying there won’t be a decision on the ban at the EU summit.
  • Otherwise, a tight market prevents larger declines despite risk-off flows exacerbated by weak US data.
  • WTI is -0.8% at $109.38, at the low end of yesterday’s range but not troubling support at $103.24 (May 19 low).
  • Today’s most active strikes in the Jul’22 contract have been $120/bbl calls.
  • Brent is -0.2% at $113.2 , towards the middle of yesterday’s range which keeps it close to resistance at $115.69 (May 17 high) whilst support remains is $105.7 (May 13 low).
  • Gold benefits from tumbling UST yields and a weaker dollar, rising +0.7% at $1865.9 having tentatively cleared initial resistance at $1865.5 (May 23 high) which next opens the 50-day EMA of $1885.3.
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