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Oil Benchmarks on Track for 10% Rally From Week's Low

COMMODITIES
  • Both WTI and Brent crude futures traded constructively Thursday, adding to the recovery from the week's low and remaining on course for 10% gains.
  • Gains came despite the more mixed performance from equity markets as traders took the view that OPEC+'s recent agreement will likely fail to meet the demand from a tighter market throughout H2 this year, helping boost and steepen the front-end of the futures curve.
  • NatGas futures joined the oil rally, but underperformed relative to WTI, Brent as the EIA NatGas Storage Change data came in above expectations, with a build of 49 BCF.
  • Gold and silver recovered early losses as the equity bounce faltered, but gold still managed to print a lower low for the third consecutive session. A close below the 100-dma at $1795.4 would be bearish, opening $1792.4, the 50% retracement of the recent rally.
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