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Oil Clears 20-Day EMA On Stronger Demand, Limited Supply

COMMODITIES
  • Oil prices surge after two day’s of sizeable declines, following potential improvements in China’s Covid situation and a boost from EIA data showing gasoline inventories dropping to their lowest level of 2022 as crude production falls for the first time since Jan whilst diesel stockpiles hit a 17-year low.
  • It comes despite Hungary holding firm in its stance against being part of the EU oil ban against Russia, only withdrawing its veto threat against sanctions if its imports via pipelines were excluded.
  • WTI is +5.8% at $105.51, clearing the 20-day EMA of $103.56 whilst opening $111.37 (May 5 high).
  • The most active strike in the CLM2 contract remained in puts for the second day running, at $95/bbl.
  • Brent is +4.6% at $107.18, clearing the 20-day EMA of $106.58 whilst opening $114.00 (May 5 high).
  • Gold is +0.76% at $1852.19 on the back of stronger US inflation, nearing resistance at $1865.4 (May 10 low) with support formed at the intraday low of $1832.1.
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  • Oil prices surge after two day’s of sizeable declines, following potential improvements in China’s Covid situation and a boost from EIA data showing gasoline inventories dropping to their lowest level of 2022 as crude production falls for the first time since Jan whilst diesel stockpiles hit a 17-year low.
  • It comes despite Hungary holding firm in its stance against being part of the EU oil ban against Russia, only withdrawing its veto threat against sanctions if its imports via pipelines were excluded.
  • WTI is +5.8% at $105.51, clearing the 20-day EMA of $103.56 whilst opening $111.37 (May 5 high).
  • The most active strike in the CLM2 contract remained in puts for the second day running, at $95/bbl.
  • Brent is +4.6% at $107.18, clearing the 20-day EMA of $106.58 whilst opening $114.00 (May 5 high).
  • Gold is +0.76% at $1852.19 on the back of stronger US inflation, nearing resistance at $1865.4 (May 10 low) with support formed at the intraday low of $1832.1.