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Oil Prices Rebound, Entirely Reversing Yesterday's Sell-Off

COMMODITIES
  • Both Brent and WTI futures rebounded on Wednesday, recovering the entirety of Tuesday's sharp sell-off. Optimism was renewed in a strong way with prices gaining just shy of 6%.
  • One of the largest container ships in the world ran aground in the Suez Canal on Tuesday morning, severing a vital trade artery and threatening to disrupt global shipments for days. The Suez Canal Authority will suspend re-floating operations until Thursday because of weather concerns. Despite the fact there is plenty of spare capacity in pipelines around the Suez canal, the news bolstered sentiment and added a further tailwind for the rebound.
  • Separately Reuters reported that OPEC+ oil producers at April 1 meeting likely to make similar decision to last gathering in March when they held output mostly steady, according to four Opec+ sources.
  • Spot gold continued to adhere to the most recent 1725-1740 range, posting marginal 0.4% gains on the session despite a slightly stronger dollar.
  • Silver consolidated towards Tuesday's lows. Yesterday's decline gathered momentum on a break of $25.39 price support which held as resistance today. Silver remains in a short-term technical bear leg with the next support residing at the March 5th low of $24.78.
Energy BulletsCommodities
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