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Oil Fades As Russian Sanctions Rolled Out

COMMODITIES
  • Oil prices saw a strong start to the day on the Russian escalation theme before fading in London hours on a move triggered by the Russian parliament planning to ratify agreements that don’t specify the exact borders of the self-proclaimed separatist entities with further headlines that seemingly limited sanctions pressure for Russia.
  • This set the tone for much of the day, with a levelling off following Biden’s speech on Russian sanctions after they appeared less aggressive than perhaps had been expected after a delay in giving the speech.
  • WTI is +1.4% from Friday’s settlement at $92.35 having briefly cleared the bull trigger of $95.82 (Feb 14 high) before retreating. It sits above key short-term support of $88.41 (Feb 9 low).
  • Within the Apr’22 contract, the most active strikes by far have been $100/bbl calls.
  • Brent is +1.1% at $96.43 having earlier touched highs of $99.5 and by doing so clearing resistance at $98.94 (2.764 proj of the Dec 2-9-20 price swing) before retreating.
  • Gold has dipped -0.4% to $1899.3 after a string of large gains on Russian escalation, maintaining its bull rally. Resistance is the $1914.3 intraday high whilst initial support is $1879.6 (Feb 15 high).
Energy BulletsCommodities
Energy BulletsCommodities

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