BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

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EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Oil Buoyed By SPR Sales Cancellation Report

COMMODITIES
  • Crude oil prices have reversed early declines that lasted most of the session, helped by the Biden Administration said to be canceling further SPR sales plus wildfires in Alberta shutting in more than 0.3mbpd production.
  • It came along with an only partial reversal of earlier equity weakness, helping overcome USD strength ahead of debt ceiling discussion uncertainty plus US CPI landing tomorrow.
  • WTI is +0.6% at $73.59, moving closer to initial resistance at $73.93 (Apr 28 low) after which lies the key short-term $76.92 (Apr 28 high).
  • The day's most active strikes in the CLM3 have clearly been for downside protection with $70/bbl and $65/bbl puts.
  • Brent is +0.4% at $77.33, close to resistance at yesterday’s high of $77.43 after which lies the 50-day EMA of $78.76.
  • Gold is +0.7% at $2035.91, gaining later in the session with some paring of earlier USD strength and Treasury yields also unwinding earlier increases after the 3Y auction. It remains some way off resistance at $2063 (May 4 high).
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