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Oil Shines In Stellar 7.5% Week

COMMODITIES
  • Crude oil prices continued Thursday's impressive rally with Brent and Wti futures gaining ~3.5% on the session to post extremely bullish weekly closes. Markets largely ignored bouts of volatility following the US employment report and focused on the prior day's message from the Opec+ meeting. WTI bullish trend continues, reaching levels not seen since April 2019.
  • Precious metals echoed US dollar flows which struggled to gain momentum in either direction to end the week. Spot gold posted small gains (0.35%), however extended the decline that began February 23rd and lost 1.5% on the week. A very similar theme in Silver, retreating roughly 5.5% since the week's open.
  • Copper staged a recovery Friday, rallying 2.5% after plummeting 7% at it's worst point on Thursday. Analysts continue to revise their forecasts higher for the bellwether metal, citing an increasing divergence between supply and demand. A Jefferies analyst noted that copper production from existing mines is poised to fall by more than 20% over the next decade due to declining metal grades and with demand growing, a "squeeze higher" in prices is coming.
Energy BulletsCommodities
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