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Oil Grinds Towards Key Resistance, Gold Slumps On USD Strength

COMMODITIES
  • Crude and oil product markets extended gains today to new 3-month highs after solid US Q2 GDP data and despite an added USD headwind from a dovish ECB.
  • The Brent second month implied volatility has fallen to the lowest since September 2021 after a steady decline in the last couple of months. Crude price swings have eased as futures have seen a steady rally during July due to OPEC supply cuts and potential China stimulus measures while US and China demand growth concerns continue to weigh.
  • Oil may rise in H2 with a decline in crude in storage over the next few months according to International Energy Forum.
  • WTI is +1.3% at $79.83 off an earlier high of $80.57 moving closer to key resistance at $81.44 (Apr 12 high).
  • Brent is +1.2% at $83.93 off an earlier high of $84.47 that moved closer to key resistance at $85.47 (Apr 12/13 highs).
  • Gold is -1.35% at $1945.43 as the US dollar surged on a combination of strong data and a dovish ECB. Treasury yields climbed strongly with an added tailwind from BoJ YCC speculation ahead of the upcoming decision, but gold had already touched lows before then. It has cleared support at the 50-day EMA of $1951.2 with a low of $1942.74, after which lies further support at $1924.5 (Jul 11 low).
Energy BulletsCommodities
Energy BulletsCommodities

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