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Oil Set To Finish Down -5% For The Week

COMMODITIES
  • Oil almost unwinds yesterday’s losses with gains earlier fuelled by headlines from the EU’s Borrell saying there needs to be a pause in the Iran JCPOA talks.
  • White House advise Bernstein saying they will revisit release of strategic oil reserves again had little impact on prices but the rig count has begun to respond more heavily to high prices with the largest increase in a month.
  • WTI is +2.8% at $109.03, with support from the 20-day EMA of $101.8 and resistance at $115.24 (50% retracement of yesterday’s range).
  • The most active strikes in the J2 contract have been $115/bbl calls followed by $125/bbl calls.
  • Brent is +2.6% at $112.2 with support at $104.23 (20-day EMA) and resistance at $117.73 (50% retracement of yesterday’s range).
  • Gold is -0.5% at $1986.0, seemingly on no material deterioration in Russia-Ukraine rather than any improvement. Resistance remains at $2070.4 (Mar 8 high) whilst support is $1961.2 (Mar 7 low).
  • Weekly moves: WTI -5.6%, Brent -4.8%, Gold +0.8%, European gas -32%
Energy BulletsCommodities
Energy BulletsCommodities

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