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Oil Grinds Out Recovery But Only Just Up On The Week

COMMODITIES
  • Crude oil has seen an impressive intraday recovery having earlier slid with risk assets on the stronger than expected US PCE print and the ripple effect it had on rate expectations. The recovery however only leaves both WTI and Brent little changed on the week after a mixed week with fluctuating demand expectations.
  • Pioneer CEO Scott Sheffield forecasts crude prices will reach 90$/bbl over the summer and 100$/bbl by the end of the year due to rising oil demand from China and a lack of supply growth.
  • WTI is +1.5% at $76.49, further off support at $73.80 (Feb 23 low) but still below resistance at $80.62 (Feb 13 high).
  • Brent is +1.3% at $83.25, between support at $80.40 (Feb 23 low) and resistance at $86.95 (Feb 14 high).
  • Gold is -0.5% at $1812.53 against a backdrop of renewed USD strength. A session low of $1809.09 sets initial resistance above the $1800.1 2.0% 10-dma envelope.
  • Weekly moves: WTI +0.2%, Brent +0.3%, Gold -1.6%, US nat gas +2.6%, EU TTF nat gas +4%
Energy BulletsCommodities
Energy BulletsCommodities

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