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Oil Rebounds On Peace Talks Gap

COMMODITIES
  • Oil prices have moved higher through the day and sit ~9% higher as both the Kremlin and Western officials have pointed to a notably larger gap between Russia and Ukraine in peace talks than thought yesterday.
  • This reversal in progress comes on the back of the IEA saying yesterday that Russian oil supply could fall by 3million bbls/day in the coming weeks, driving sizeable increases across the curve.
  • WTI +8.9% at $103.46 as it moves closer towards initial resistance at $110.29 (Mar 11 high) whilst support is seen at the 50-day EMA of $93.52.
  • On a subdued day for volumes, the most active strikes have been in $100/bbl puts followed by $105/bbl calls.
  • Brent is +9.3% at $107.16, also moving closer to initial resistance at $113.91 (Mar 11 high) whilst support at yesterday’s low of $96.93 remains intact.
  • Gold is +0.65% at $1939.7, sitting above support at $1895.3 (Mar 15 low) and resistance at $2009.2 (Mar 10 high).
Energy BulletsCommodities
Energy BulletsCommodities

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