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Oil Sees Intraday Bounce On Credit Suisse Talks But Still Down Heavily

COMMODITIES
  • A late recovery in risk appetite as Switzerland pushed front crude oil prices up nearly $2/bbl but they’re still down 4% on the day as they continue heavy declines with financial market turmoil.
  • WTI is -4.0% at $68.48, having set sights on support at $66.04 (Dec 20, 2021 cont). Most active options volumes in the CLJ3 have been at $65/bbl puts.
  • Brent is -3.6% at $74.63, having set sights on support at $71.30 (1.00 proj of the Nov 7 – Dec 12 - Jan 23 price swing).
  • Gold is +0.9% at $1921.48 in spite of dollar strength as yields have slumped. A session high of $1937.05 cleared resistance at $1923.2 (76.4% retrace of Feb 2-28 selloff).
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