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Oil Jumps As EU Eyes Stricter Russia Ban

COMMODITIES
  • Oil prices have increased sharply today as the EU moves to a complete ban of Russian crude and refined oil by the end of this year, with no gradual phase out.
  • Separately on diesel, East Coast inventories fell to a record low as US refiners increasingly supply global markets.
  • WTI is +5.4% at $107.91, having briefly cleared resistance at the Apr 29 high of 107.99 which next opens $109.2 (Apr 18 high).
  • The most active strikes in the M2 contract have been $130/bbl calls.
  • Brent is +5.1% at $110.30, having earlier cleared resistance at 110 (Apr 29 high) but not the triangle resistance at $112.00.
  • Gold is +0.9% at $1884.5, moving higher through the FOMC presser as Chair Powell pushed back on 75bps with a focus on moving in 50bp clips at coming meetings. It moves closer to initial resistance at $1900.0 (May 2 high) whilst support is at $1854.7 (May 2 low).
Energy BulletsCommodities
Energy BulletsCommodities

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