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Oil Swings With Mixed US Demand Picture, Gold Resists USD Strength

COMMODITIES
  • Crude futures have been choppy throughout the day, moving into losses as US close approaches amid a mixed picture on demand following US economic data. A recovery in the US dollar erased WTI’s gains after European close.
  • Speaking briefly to reporters, US President Biden when asked on the prospect of an Israel-Hamas ceasefire agreement says that 'hope springs eternal,' but that it is unlikely to start by Monday 4 March (previously raised by Biden as a target date).
  • Wires carrying comments from the leader of the Houthi forces in Yemen, claiming that the group will introduce military "surprises" in their Red Sea operations, which their "enemies" will not expect.
  • Oil output among the OPEC 9 members rose by around 87k b/d in February, according to a Reuters survey. In terms of the additional voluntary cuts for Q1, the OPEC-9 members exceeded their quotas by 191k b/d.
  • WTI (J4) is -0.5% at $78.16 as it pulls back from a high of $79.28 amidst heightened volatility. Resistance remains at yesterday’s high of $79.62.
  • Brent (K4) is -0.45% at $81.77, off an earlier high of $82.84 that pushed closer to resistance at $83.656 (Jan 29 high).
  • Gold is +0.5% at $2045.10, off an earlier high of $2050.72 but nevertheless holding up surprisingly well considering late strength in the USD index. It’s cleared resistance at $2041.1 (Feb 23 high) and opened the key $2065.5 (Feb 1 high).
Energy BulletsCommodities
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