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Oil Mean Reverts, With WTI Gravitating to 50-dma

COMMODITIES
  • Oil benchmarks were in retreat Monday, with the active WTI and Brent futures contracts off 4% despite a relatively sanguine currency market. WTI futures were mean reverting, with prices gravitating towards the 50-dma at $70.55/bbl.
  • Macro data may have added some weight, with China's manufacturing PMI and the US ISM manufacturing release came in below expectations. This, twinned with OPEC's recent supply deal weighed on energy markets across US hours.
  • Gold has faded off last week's highs, but remains in recovery mode after printing 1790.0 in mid-July. The outlook is bullish and the recent pullback was considered corrective. Price still needs to clear $1834.1, Jul 15 high to confirm a resumption of the bull cycle. This would open $1853.3, a Fibonacci retracement. Support to watch is $1790.0, Jul 23 low.
Energy BulletsCommodities
Energy BulletsCommodities

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