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Oil Bid By Supply Side Limitations, Gold By A Sliding USD

COMMODITIES
  • Crude oil prices have been boosted today by falling US crude inventories in an already tight market and doubts over OPEC+’s ability to meet its agreement to accelerate the pace of the supply increases for output to increase by 648kbpd in July and August. Only Saudi Arabia and UAE aren’t already pumping at capacity.
  • WTI is +1.5% at 117.00 and back near yesterday’s highs. Resistance remains $119.98 (May 31 high) having stopped just short of round number resistance at $120.
  • Supply issues are seen lasting, with increases not just confined to front contracts, whilst the rising prices have been met by the most active strikes in CLN2 being $125/bbl and then $130/bbl calls.
  • Brent is +1.2% at $117.68. Resistance remains $120.80 (May 31 high) whilst support is $112.80 from the earlier intraday low.
  • Gold is up strongly, +1.25% at $1869.73 as the US dollar slides and testing initial resistance at $1869.7 (May 24 high) after which it opens the 50-day EMA of $1877. Gains are however still considered corrective with the primary direction seen lower.
Energy BulletsCommodities
Energy BulletsCommodities

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