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Oil Extends Debt Talk Impasse Decline With Sharp Rig Count Decline

COMMODITIES
  • Crude oil is on track to close lower for the second session, as an earlier paring of gains was exacerbated by debt talk impasse headlines. The two-day decline unwinds a large part of Wednesday’s jump on positive Biden/McCarthy headlines on the matter.
  • More recently, the sharpest weekly decline in US oil rigs since Sep’21 (-11 to 575) has extended new session lows.
  • Further on the supply side, the next OPEC+ ministerial meeting is scheduled for 3-4 June with some early suggestions from Iraq last week that there are no current plans to cut targets further. Iraqi oil minister Hayan Abdel-Ghani affirmed his country's commitment to OPEC+ voluntarily production cuts in a phone call with his Russian counterpart earlier today according to Iraqi state news agency (INA).
  • WTI is -1.1% at $71.05, next eyeing support at $69.41 (May 15 low). In options space, by far the most strikes on the day are seen at $65/bbl puts.
  • Brent is -0.9% at $75.14, next eyeing support at $73.49 (May 15 low).
  • Gold is +1.2% at $1981.74 in a reversal of yesterday’s slide as the USD index pulls back. Resistance is seen at $2022.6 (May 12 high) and support at $1952.0 (May 18 low).
  • Weekly moves: WTI +1.5%, Brent +1.4%, Gold -1.4%, US nat gas +14.0%, EU TTF nat gas -7.9%
Energy BulletsCommodities
Energy BulletsCommodities

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