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Oil Supported By Tight Markets But Gas Slumps With Fire

COMMODITIES
  • Crude oil prices have been supported today by an unexpected EIA crude draw, driven by a 1.7mbpd drop in crude exports as imports and production remain steady.
  • An already tight market sees solid gains across the WTI curve, with the front contract +2.1% at $121.94. Touching a high of $123.18, it came close to testing the third resistance level at $123.35 (1.236 proj of the May 11-17-19 price swing).
  • Brent sees a similar gain, +2.3% at $123.4 off a high of $124.40, stopping just short of the bull trigger at $124.42 (Mar 7 high).
  • Gold meanwhile has a more muted day, +0.1% at $1853.8, holding up well considering higher Treasury yields and a marginally stronger USD, with the impetus coming from a rolling over in equities. Resistance remains the 50-day EMA of $1873.4 with support at $1828.6 (Jun 1 low).
  • US natural on the other hand falls -4.7% with a fire at the Freeport LNG terminal in Texas on implications that more US LNG could stay in the US rather than the almost three-quarters that was exported to Europe in the first four months of the year.
Energy BulletsCommodities
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