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Oil Prices On For Down Week, Net Long Positions Trimmed

COMMODITIES
  • Oil prices see a second relatively subdued day compared to recent moves although are still almost 2% higher. Little impact from a larger than expected climb in the US rig count to the highest since very early in the pandemic.
  • Weekly ICE Futures Europe data show the net-long position in Brent as the least bullish in about 17 months.
  • WTI is +1.9% at $97.8 with gains seen across the forward curve out to Jun’23. Support is $93.81 (Apr 6 low) and resistance $105.59 (Apr 5 high).
  • The most active strikes by far have been $90/bbl puts.
  • Brent is +1.9% at $102.5. Support is $98.41 (Apr 7 low) and resistance $109.9 (Apr 5 high).
  • Gold is +0.6% at $1943.2 on a day of a Russian missile attack on Kramatorsk station. It edges nearer to resistance seen at $1966.1 (Mar 24 high) whilst support remains the bear trigger of $1890.2 (Mar 29 low).
  • Weekly moves: WTI -1.6%, Brent -1.9%, Gold +0.9%, Euro Nat Gas -7.4%, Iron Ore +10.4%
Energy BulletsCommodities
Energy BulletsCommodities

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