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Oil Reverses Course On Growth Concerns

COMMODITIES
  • Crude oil has tilted lower today in a largely one way move after the US open with recession fears sighted and a rally in US fixed income. It unwinds much of the crude rally from the second half of last week in the process.
  • Brent’s high of $88.70 failed to reach the technical resistance at $89.18 (Dec 1 high) whilst the prompt spread is back trading negative having only moved positive in trading early yesterday.
  • WTI is -1.9% at $80.06 off a high of $82.22 but holding above support at $78.45 (Jan 19 low). By far the most active strikes in the CLH3 today however are $90/bbl and $95/bbl calls.
  • Brent is -2.4% at $86.09, holding above key short-term support at the 20-day EMA of $84.07.
  • Gold is +0.3% at $1937.13 as it benefits from an on balance weaker DXY index and lower Treasury yields. It touched a fresh cycle high of $1940.7, with moving average studies in a bull mode position with firmer resistance now seen at $1963.0 (76.4% retracement of Mar – Sep 2022 bear leg).
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