May 23, 2022 19:05 GMT
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- A mixed session for crude oil, steadily firming overnight, sliding in the US morning before a partial bounce on German hopes that the EU Russian oil embargo can be agreed within days, although countered by Hungary signalling talks may go into June.
- Larger price rises are seen further out the forwards curve, presumably on the assumption of incoming tighter supply.
- WTI is unch at $110.31. It hasn’t troubled resistance at $113.20 (May 17 high) or support at $103.24 (May 19 low).
- Brent is +0.6% at $113.27. It hasn’t troubled resistance at $115.69 (May 17 high) or support at $105.70 (May 13 low).
- Gold is +0.5% at $1856.44 as it’s buoyed by a further slide in the US dollar. Touching an intraday high of $1856.15, it moved nearer to resistance at the 50-day EMA whilst support remains far below at $1807.5 (May 18 low).
- Separately, European natural gas prices fell to a three-month (pre-Ukraine war) low as storage recovered, with the Dutch front-month contract settling -5.3% on the day.