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Oil Firms With Supply Constraints Whilst Gold Dips

COMMODITIES
  • Crude oil prices have increased more than +1.5% today coming ahead of the G7's expected new package of sanctions against Russia including a price cap and OPEC+ trimming its 2022 market surplus forecast from 1.4mbpd to 1.0mbpd.
  • CFTC data released late Fri showed a reduction in US oil net longs to the lowest since Apr’20 but a rise for European oil markets, with Brent net longs up 10.5k to 239k on continue supply risks. Separately, hardware issues have further prevented the release of EIA’s petroleum status report.
  • WTI is +1.7% at $109.49 as it moves closer to initial resistance at the 20-day EMA of $110.87, clearance of which could open $116.58 (Jun 17 high).
  • Brent is +1.6% at $114.90 as it moves closer to initial resistance at $116.25 (Jun 21 high), clearance of which could open $121.25 (Jun 17 high).
  • ICE futures data for Brent showed a trimming of net longs across futures and options by 30k to 209k.
  • Gold is -0.1% at $1824.27, having first firmed on G7 sanctions announcing a ban on new imports from Russia before fading with questions over how effective it might be. Support at $1805.2 (Jun 14 low) continues to appear exposed, clearance of which could open a bear trigger at $1787 (May 16 low).
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  • Crude oil prices have increased more than +1.5% today coming ahead of the G7's expected new package of sanctions against Russia including a price cap and OPEC+ trimming its 2022 market surplus forecast from 1.4mbpd to 1.0mbpd.
  • CFTC data released late Fri showed a reduction in US oil net longs to the lowest since Apr’20 but a rise for European oil markets, with Brent net longs up 10.5k to 239k on continue supply risks. Separately, hardware issues have further prevented the release of EIA’s petroleum status report.
  • WTI is +1.7% at $109.49 as it moves closer to initial resistance at the 20-day EMA of $110.87, clearance of which could open $116.58 (Jun 17 high).
  • Brent is +1.6% at $114.90 as it moves closer to initial resistance at $116.25 (Jun 21 high), clearance of which could open $121.25 (Jun 17 high).
  • ICE futures data for Brent showed a trimming of net longs across futures and options by 30k to 209k.
  • Gold is -0.1% at $1824.27, having first firmed on G7 sanctions announcing a ban on new imports from Russia before fading with questions over how effective it might be. Support at $1805.2 (Jun 14 low) continues to appear exposed, clearance of which could open a bear trigger at $1787 (May 16 low).