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Oil Rally Fizzles Out With Hawkish ECB, Keystone Partial Restart

COMMODITIES
  • A surprisingly hawkish ECB and a section of the Keystone pipeline restarting saw the three-day, 8% rally in crude oil pause for breath.
  • There could be further supply chain disruption ahead: Some of the biggest companies in ship reinsurance are planning to cease to cover key war-related risks for vessels going to Russia and Ukraine by the end of the year according to Bloomberg sources.
  • WTI is -0.7% at $76.74 having very briefly tested resistance at the 20-day EMA of $77.50. Support is seen at $73.21 (Dec 13 low).
  • Today’s most active strikes in the CLF3 have been $75/bbl puts.
  • Brent is -1.1% at $81.81, briefly clearing resistance at the 20-day EMA of $83.04. Support is seen at $78.10 (Dec 13 low).
  • Gold is -1.6% at $1778.93 as USD strength resumed in a risk-off environment after the ECB decision and in particular the press conference. It brings the yellow metal closer to support at $1771.9 (20-day EMA).
Energy BulletsCommodities
Energy BulletsCommodities

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