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Finding a bid as Equities falls


Long-dated analysis


BLOCK, 2Y Midcurve Ratio Put Spd


USDCLP Approaching Significant Resistance

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  • After a failed deal at last month's meeting sent oil markets through an acute spell of strength, OPEC+ finally struck an out-of-cycle agreement to turn on an extra 400,000bpd of extra supply every month from August onwards.
  • This boost to supply met soggy demand for growth proxies as equities globally sank sharply. This manifested in a near-8% slide for WTI crude futures, the sharpest decline since the market-breaking drop into negative territory last year.
  • WTI crude futures now eye support at the $66.02/bbl 100-dma, with the June rally in prices now all but erased.
  • Spot gold and silver were more mixed - gold recovery from early losses below $1800/oz, while silver was harder hit. Silver slipped close to 2.5% on resounding USD strength, failing to catch a tail-wind from any safe haven bid.