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Oil And Gold Slide On Russian De-Escalation

COMMODITIES
  • Crude oil prices are down heavily today on Russian de-escalation after some units returned to bases. US Secretary of State Blinken has said more recently that the window remains to resolve the crisis peacefully but that the US needs to see verifiable, meaningful de-escalation.
  • WTI is -3.6% at $92.01 in the March contract, but with large declines throughout the curve. It sits above the key short-term support of $88.41 (Feb 9 low) whilst resistance is yesterday’s high of $95.82. Prices are however still up 3% on the week and 22% YTD.
  • Today's most active strikes in the H2 contract have been $95/bbl calls followed by $90/bbl puts.
  • Brent is -3.3% at $93.33, sitting above support at $89.93 (Feb 8 low) with resistance yesterday’s high of $96.78.
  • Similarly, gold is down -1.0% at $1853.3 but bullish conditions remain after a recent clearance of resistance at $1853.9, the Jan 25 high, and it earlier today clearing the Nov 16 high of $1877.2.
Energy BulletsCommodities
Energy BulletsCommodities

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