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Oil Snaps Winning Streak as Iran Makes Progress on Nuclear Deal

COMMODITIES
  • The extended winning streak in WTI crude futures waned Thursday, with oil closing lower and snapping an impressive 15-session streak of higher highs (a record for that contract). WTI and Brent crude future erased recent strength as markets eyed further optimism from Iranian negotiators, with reports from Tehran stating that the nuclear deal is closer than ever before, despite some fundamental issues remaining.
  • While the IAEA stated that upcoming Iranian elections will not impact any deal, markets seem less certain, with the weekend's poll likely a focus for energy markets.
  • Precious metals suffered throughout the Thursday session - both gold and silver traded well into negative territory with gold comfortably taking out the $1800/oz support as well as $1796.8 - the 50% retracement of the Mar 8 - Jun1 rally.
  • This confirms the bearish cycle and prompts markets to look lower at the$1768.50 61.8% retracement of the Mar 8 - Jun 1 rally and the Apr 29 low of $1756.2.
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