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Oil Slips On US Supply, Gas Climbs On Latest EU/Russia Developments

COMMODITIES
  • Crude oil has slipped today on increased supply with the US set to release an additional 20m barrels from the SPR on top of the 125m already sold, with replenishment likely not until after FY23, as well as weaker risk sentiment as equities roll over on retail strength fears.
  • WTI is -1.7% at $95.03 having initially moved closer to resistance at the 20-day EMA of $99.58. Trend conditions are seen as bearish with support at $91.64 (Jul 15 low). The day's bearish price developments see $90/bbl puts as the most active strikes for the day.
  • Brent is -0.8% at $104.27 having briefly tested the 50-day EMA at $107.21 before falling back. Trend conditions also remain bearish with support seen at $98.17 (Jul 15 low).
  • Gold is -0.15% at $1717.20 with ultimately little change in Tsy yields ahead of tomorrow's FOMC decision. Technical levels are unchanged, with resistance seen at $1745.4 (Jul 13 high) and support at $1681.0 (Jul 21 low) with bounces seen as corrective.
  • Natural gas prices surge in Europe (TTF +13%, NBP +9%) on confirmed EU plans to curb usage and as the Kremlin points to problems in other turbines with fears of willingness to further disrupt supplies. Expiry of August options meanwhile helps drive even higher volatility in US Henry Hub gas prices, currently up just +1.4% having been +12% intraday.
Energy BulletsCommodities
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