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Oil Slides On Growth Fears As Biden Looks To Gulf Alliance

COMMODITIES
  • Crude oil prices have moved sharply lower in the US and less so in Europe on slowing growth fears (evidenced by softer than expected consumer spending and the Atlanta Fed GDPNow currently implying a technical recession in 1H22) and following signs that US gasoline demand may be easing.
  • A very small upward move following the OPEC+ agreement to stick to the existing production plan was reversed, helped by Biden saying he’ll ask the Gulf Alliance to boost oil production.
  • WTI is -3.7% at $105.70, testing support at $105.6 (Jun 27 low) and potentially opening $101.53 (Jun 22 low).
  • Brent is -1.25% at $114.81 as it continues to hold above support at $111.26 (Jun 27 low).
  • Gold is -0.64% at $1806.08, again flirting with support at $1805.2 (Jun 14 low) having fleetingly cleared it earlier in the session. A clear break could open a bear trigger at $1787.0 (May 16 low).
  • Henry Hub natural gas prices meanwhile slide even further, sinking -15% to $5.55 after a federal agency said the Freeport terminal can’t restart without written permission.
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  • Crude oil prices have moved sharply lower in the US and less so in Europe on slowing growth fears (evidenced by softer than expected consumer spending and the Atlanta Fed GDPNow currently implying a technical recession in 1H22) and following signs that US gasoline demand may be easing.
  • A very small upward move following the OPEC+ agreement to stick to the existing production plan was reversed, helped by Biden saying he’ll ask the Gulf Alliance to boost oil production.
  • WTI is -3.7% at $105.70, testing support at $105.6 (Jun 27 low) and potentially opening $101.53 (Jun 22 low).
  • Brent is -1.25% at $114.81 as it continues to hold above support at $111.26 (Jun 27 low).
  • Gold is -0.64% at $1806.08, again flirting with support at $1805.2 (Jun 14 low) having fleetingly cleared it earlier in the session. A clear break could open a bear trigger at $1787.0 (May 16 low).
  • Henry Hub natural gas prices meanwhile slide even further, sinking -15% to $5.55 after a federal agency said the Freeport terminal can’t restart without written permission.