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Oil Sees Sharp Fall Whilst Gold Opens Bull Trigger

COMMODITIES
  • Crude oil sees a sharper fall today, currently down 2.5-3% as uncertainty remains over China’s zero-Covid policy after rising infections in Guangzhou and other cities, with the decline accelerating with the EIA now expecting US gasoline consumption to shrink next year in a reversal of last month’s forecast (seen falling from 8.79mbpd this year to 8.75mbpd vs prior expected increase to 8.8mbpd).
  • WTI is -3.2% at $88.86 but remains above support at $87.6 (Nov 3 low) having surged both before and after US payrolls last week, with key support at $85.30 (Oct 31 low).
  • Brent is -2.6% at $95.34 in a reversal of the trend needle pointing north. It next eyes support at $93.55 (20-day EMA) after which lies key support at $91.46 (Oct 31 low).
  • Gold meanwhile is +2.1% at $1711.7 as the USD and Tsy yields fall, clearing two resistance levels including $1714.8 (Oct 7 high) before retreating. It opens the bull trigger of $1729.5 (Oct 4 high).
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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