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Oil, Gold and Gas Surge On Continued Russian Escalation

COMMODITIES
  • Crude oil has surged 8% today on continued escalation of the Russian invasion and growing supply concerns, with the Brent-WTI spread narrowing further as traders seek out alternatives and gains heavily front-loaded in shorter-dated contracts.
  • WTI is +9.2% at $104.4, off an earlier high of $106.78 which has seen four resistance levels blown out through the course of the day, the highest being $105.25 (Jul 22, 2014 high, cont).
  • The most active calls in the Apr22 contract have been $110/bbl but there has even been decent volumes up at $120/bbl. The most active puts have been at $90/bbl.
  • Brent is +7.9% at $105.7, also down from earlier highs of $107.44 (Aug 8, 2014 high, cont).
  • Gold once again gains strongly on its safe haven and inflation hedging properties, up +1.7% at $1940.5 as it currently tests the bull channel top of $1940.9 drawn from the Aug 9 2021 low. A clear break here would open $1974.3 (Feb 24, initial Russian invasion high).
  • European natural gas prices surged again, up 22-23% and with ytd increases closing in on 70%.
Energy BulletsCommodities
Energy BulletsCommodities

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