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Oil Edges Higher Amidst Debt Talks, $80/bbl Calls Leads The Day For CLN3

COMMODITIES
  • Crude oil has reversed an overnight slide to edge higher along with Treasury yields on some renewed optimism of a debt deal after initially little sound of progress over the weekend.
  • Standard Chartered analysts see OPEC nations as likely to act during their next meeting on 3-4 June amid current speculative trading. “The build-up of speculative shorts means positioning is now as bearish as at the start of the pandemic,” … “Saudi Arabia in particular has often expressed its determination not to give speculators free rein to force an extreme price downside.”
  • WTI is +0.6% at $72.10 (CLN3) but it doesn’t trouble key short-term resistance at $73.81 (May 10 high). In options space, the day’s most active strikes have been at $80/bbl calls.
  • Brent is +0.6% at $76.05, remaining off resistance at $77.60 (May 10 high) and a more notable $78.74 for the 50-day EMA.
  • Gold is -0.25% at $1972.8 in a narrow range as the USD index just above claws to gains for the day after opening lower. The yellow metal is stuck between resistance at $1999.0 (20-day EMA) and support at $1952.0 (May 18 low).
Energy BulletsCommodities
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