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Oil Bounces With Supply Constraints and Gold Opens Key Resistance

COMMODITIES
  • Front oil futures have seen solid gains today amid signs of Russian compliance with its pledged output curbs, an anticipated decline is US shale oil production in August and stocks advancing ever since the US open after some earlier positive bank earnings.
  • Specifically, Russia’s pledge to cut crude output and exports is starting to show with seaborne crude shipments in the four-week period to 16 July fell to a six-month low. US shale oil production is projected to see in August its first monthly decline since Dec’22 according to EIA data.
  • WTI is +2.3% at $75.83 but still off resistance at $78.03 (Fibo retracement of Apr 12 – May 4 bear leg).
  • Brent is +1.6% at $79.71 but also still off resistance at $82.06 (Fibo retracement of Apr 12 – May 4 downleg).
  • Gold is +1.1% at $1976.58 showing surprisingly large gains considering an intraday climb in the USD index and yields relatively little changed on the day. Some technical factors could have been at play, clearing resistance at $1968.0 (Jun 16 high) to open key resistance at $1985.3 (May 24 high).
Energy BulletsCommodities
Energy BulletsCommodities

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