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Oil Nearing 11 Week Highs

COMMODITIES
  • More muted risk-on plus rising tensions in the Persian gulf push crude oil prices higher today to end a week with Brent notably outperforming WTI as EU countries look at workarounds to push ahead with the Russian oil embargo along with a surprising small drawdown in US crude inventories as the key driving season gets underway.
  • Latest plans are EU countries making a distinction between shipped and piped deliveries to give Hungary some concessions.
  • WTI is +0.7% for +1.5% at $114.95. It comes close to testing resistance at $115.04 (Mar 8 high) after which it eyes the trend high at $116.43 (May 7 high).
  • Brent is +1.7% for +6.1% on the week at $119.43 as it moves towards the round number $120 resistance and then $121.13 (76.4% retracement of Mar 7-15 downleg). Support is materially lower the 20-day EMA of $110.94.
  • Gold has had a volatile week, rising and falling with USD and Treasury yield fluctuations, but today sits +0.1% to $1852.79 to grind out a +0.35% rise on the week.
  • The trend direction is seen down with recent increases considered corrective but still opening resistance at $1869.7 (May 24 high) having recently traded above the 20-day EMA of $1858.3.
Energy BulletsCommodities
Energy BulletsCommodities

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