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Oil Finishing A Strong Week Nudging Higher

COMMODITIES
  • Oil prices sit only slightly higher on the day having fallen through the day before rising sharply on a missile strike on a Saudi Aramco distribution plant.
  • However, rather than simply being a short-term supply shock only effecting a few front-dated contracts, the increasingly frequency of attacks appears to have weighed on prices further out the curve.
  • WTI is +0.6% at $113.0 and hasn’t troubled yesterday’s resistance of $116.64. Support is seen at the 20-day EMA of $103.74.
  • After a mixed day, the most active strike for the May’22 contract has been $130/bbl calls followed by $126/bbl calls.
  • Brent is +0.5% at $119.57, also below initial resistance of $123.74 (Mar 22 high) whilst comfortably above support at the 20-day EMA of $109.28.
  • Gold is -0.16% at $1954.63, seeing a dip as rate hike expectations surged. Having cleared a similar level of resistance yesterday, it next eyes $1966.1 (Mar 24 high) whilst support is seen at the 50-day EMA of $1899.6.
  • Weekly moves: WTI +7.6%, Brent +10.5%, Gold +1.7%, European Nat Gas -3.6 to -3.8%.
Energy BulletsCommodities
Energy BulletsCommodities

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