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Oil Erases Early Losses on Supply Scramble

COMMODITIES
  • WTI and Brent crude futures initially followed equity markets lower, with both benchmarks shedding close to 1% before a supply scramble in the US underpinned prices.
  • The cyber-attack on the Colonial Pipeline over the weekend had a limited impact on prices initially, but supply is now dwindling. There have been sporadic reports of empty gas pumps, limited refinery activity and no visibility on when the pipeline will be back to full capacity, underpinning a recovery in WTI prices. WTI futures briefly showed back above $65/bbl.
  • The gold/silver ratio resumed the multi-month downtrend Tuesday despite a recovery off the session lows for the yellow metal. Gold continues to find firm resistance ahead of the 200-dma at 1850.05, with this level successfully containing prices for a third session. 1811.41 undercuts as first support.
Energy BulletsCommodities
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