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Oil Swings With Macro Factors, Large Crude Draw Underpins Day’s Strength

COMMODITIES
  • Crude oil has seen volatile price action in the past few hours of trading, sliding and then bouncing back to decent further gains of 2% on the day.
  • The sharp decline appears to move in lockstep with an acceleartion in debt ceiling concerns as yields of T-bills expiring around the x-date shot higher, before bouncing and then liffting further as Treasury yields softened after the FOMC minutes.
  • Gains were earlier seen after a big draw in US crude inventories and time spreads and refining margins edged higher supported by another fall in gasoline stocks and slightly higher oil product implied demand. Of note, US Gulf Coast stocks fell by 11.4mbbls and the most on record.
  • WTI is +2.0% at $74.35 bouncing off a low of $73.13. It earlier tested and briefly cleared the 50-day EMA of $74.41 after which sits $76.74 (Apr 28 high).
  • Brent is +2.0% at $78.37 having earlier just cleared the 50-day EMA of $78.56 after which lies $82.88 (Apr 25 high).
  • Gold is -0.6% at $1963.46 off a low of $1956.85 that remains above $1952.0 (May 18 low) after which lies $1934.3 (Mar 22 low).
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