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Oil Resumes Sell-Off, Tumbles 6%

COMMODITIES
  • Despite steady price action to start the week, crude futures extended most recent losses, tumbling ~6% on Tuesday, as of writing. The latest slide came during a resurgence of infections and slow progress with immunisations in a number of countries, including much of Europe, threatening the resumption of international passenger air travel.
  • Today's moves have reinforced the recent bearish theme. WTI futures are now breaking through the March 18 low of $58.28. This constitutes the bear trigger and a sustained break would open $55.65, the 38.2% retracement of the Nov 2 - Mar 8 rally.
  • A firm US dollar index prompted a leg lower in precious metals. Spot silver continued it's most recent poor performance, sliding 6% from last Thursday's top. The decline gathered momentum today on a break of $25.39 price support. Spot remains in a short-term technical bear leg and has had two consecutive days falling in the region of 2% to commence the week. Gold lost 0.8% amid the resurgent dollar but still remains above the March 18th low of $1720.
  • Copper (down 2%) also suffered during the session. According to Bloomberg, speculators have decreased their bullish LME copper bets by 1,199 net-long positions to 56,154, weekly bourse data on futures and options show. This net-long position is the least bullish in about 10 months.
Energy BulletsCommodities
Energy BulletsCommodities

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