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Oil Hits Reverse as OPEC Effect Fades, Variants in Focus

COMMODITIES
  • Both WTI and Brent crude futures started the session well, with both benchmarks touching new cycle highs as the collapse of the prelim OPEC+ deal supported prices in the early hours. This was short-lived, however, with equity weakness and broader risk-off prompted a decent reversal that sent global oil benchmarks into negative territory.
  • Concerns over the more transmissible Delta COVID variant and a re-emerging preference for lockdown themed trades (Zoom & Amazon, for example, both traded very strongly) worked against energy, with weakness observed across the futures curve.
  • Gold saw initial support to show above the $1,800/oz handle, touching $1815.1 before mean reversion sank in to put the yellow metal flat ahead of the close.
Energy BulletsCommodities
Energy BulletsCommodities

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