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Oil Price Bounce Caps Off Volatile Week

COMMODITIES
  • Overall, renewed global restrictions, Chinese demand concerns and the stronger dollar have spurred volatility in the whole of the commodity space this week.
  • Oil prices rebounded 4.5% on Friday, likely closing unchanged on the week after multiple 5% price swings. The weeks price action was exacerbated by headlines regarding the Suez Canal blockage, prompting major shipping companies to re-route to other shipping lines. Oil traders have for the most part shrugged off the news event as only a small percentage of the world's crude is shipped through the canal.
  • Precious metals succumbed to the persistent strength of the US dollar. Gold struggled to gather momentum in either direction but will likely close 0.5% lower on the week. The USD appreciation had a larger impact on silver continuing a short-term technical bear leg. Despite the rebound from yesterday's lows at $24.41, spot has dropped 4% on the week. A similar story in copper where futures dipped aggressively to 395 but recovered back to 406cents/lb to close the week down 1.5%.
  • Greenback strength also prompted a reversal in bitcoin with prices dipping nearly $10,000 at Thursday's lowest point of $50,450. Additionally, $6 billion in quarterly options expiring Friday has impacted volatility. Prices are approaching back to $54k heading into the weekend.
Energy BulletsCommodities
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