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Oil and Gold Reverse Early Moves For Little Change Ahead Of Independence Day

COMMODITIES
  • Crude oil prices are ending the session slightly lower after a bid through European hours was quashed in the US session, before a weaker than expected ISM mfg report helped reinforce the paring of gains.
  • The market focuses on economic demand concerns over the tighter supplies driven by the expected Saudi production cut extension into August (with the latter and the announced Russian export cut only providing limited support to the market).
  • WTI is -0.2% at $70.51 with a high of $71.77 stopping short of resistance at $72.72 (Jun 21 high). In options space, holiday-thinned trade ahead of Independence Day sees the day’s most active strikes at $75/bb/ calls for the CLQ3.
  • Brent is -0.1% at $75.34 with a high of $76.60 stopping short of resistance at $77.25 (Jun 21 high).
  • Gold is +0.1% at $1921.55, seeing relatively little boost from the USD index fading intra-session after the yellow metal made gains earlier in the session. A high of $1930.92 came closer to resistance at the 20-day EMA of $1935.1 after which lies the key $1985.3 (May 24 high).
Energy BulletsCommodities
Energy BulletsCommodities

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