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Oil Snaps Losing Streak on Sharp DoE Draw

COMMODITIES
  • After several sessions of losses, WTI and Brent crude futures managed to hold onto positive territory Thursday as the market bias switched to short-covering, helped by a much larger-than-expected draw in crude oil inventories.
  • The headline crude oil inventories number saw a near 7mln bbls draw on reserves vs. expectations of just 4.5mln bbls. Similarly, NatGas also saw solid gains on a much smaller than expected build in reserves, of just 16 BCF.
  • Gold maintains a firmer tone. Attention is on the 50-day EMA that intersects at $1814.6. A clear break of the EMA is required to suggest scope for a stronger rally. This would open $1833.7, 50.0% of the Jun 1 - 29 decline.
Energy BulletsCommodities
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