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Oil Surges With Limited Supply And Risk-On

COMMODITIES
  • Crude oil prices have surged today on a combination of supply concerns and broader risk-on sentiment helped by a weaker USD. Those latest supply concerns come from Gulf officials saying output increases would be left to OPEC+ interests rather than those of the US, following the conclusion of President Biden visiting Saudi ministers.
  • WTI is +3.7% at $101.23 off a high of $102.38 to move closer to resistance at the 50-day EMA of $105.04, clearance of which would open $111.45 (Jul 5 high).
  • Brent is +4.1% at $105.3, also getting close to the 50-day EMA of $107.6.
  • A busy day for natural gas meanwhile sees US Henry Hub prices jump 7% with the heatwave but European gas eventually settle lower (TTF -1.5%, NBP -3.3%) after Gazprom declared force majeure on supplies to several European buyers, according to people familiar with the matter, but that in a letter dated Jul 14 that this notice applied to supplies over the past month having already curbed shipments.
  • Finally, gold nudges +0.1% higher to $1709.73 in a move that does little to change its downtrend, with support eyed at $1697.7 (Jul 14 high), clearance of which opens $1690.6 (Aug 9, 2021 low).
Energy BulletsCommodities
Energy BulletsCommodities

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