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Oil Prices Slide On Global Demand Concerns, Inventory Climb

COMMODITIES
  • Crude benchmarks slipped after an increase in U.S. crude inventories compounded anxieties surrounding the demand outlook.
  • Prices slipped by around 2% on Wednesday, dragged down by surging coronavirus cases across major energy importers India and Japan. With India being a large, high growth market for oil case spikes may pose a challenge for demand in the short term.
  • Additional downward pressure became evident after the EIA released their data indicating stockpiles rose by 594,000 barrels to 493 million barrels, the first rise in four weeks. Supplies were about 1% higher than the five-year average for this time of year. A week ago, inventories fell by 5.9 million barrels.
  • Prices appear to be on the defensive following last week's breakout. Analysts have noted the technical focus on the 21-day MAs at $64.25 in Brent and $60.80 in WTI.
  • A sharp reversal lower in the dollar index during the US session provided a supportive environment for metals to extend recent gains:
    • Spot Gold – 1793 (+0.8%)
    • Spot Silver – 26.50 (+2.5%)
    • Copper Futures (HGA) – 428.50 (+1.56%)
  • The yellow metal recently cleared resistance at $1758.8, Apr 8 high and is trading above the 50-day EMA. Furthermore, the break higher last week confirmed a double bottom reversal that had formed since the Mar 8 low. Attention now turns to $1805.7, Feb 25 high.
Energy BulletsCommodities
Energy BulletsCommodities

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