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Oil Tentatively Steps Higher After Torrid Start To Year

COMMODITIES
  • Crude oil edges back ~1% higher after sliding almost 10% in the prior two days, but still with some covering with most active strikes in the CLG3 for $70/bbl puts.
  • EIA US inventory data were broadly as expected but implied demand slumped as a result of the severe weather disruption from the bomb cyclone whilst in geopolitics, Russian President Putin has ordered his forces to cease fighting in Ukraine for 36 hours starting Friday.
  • WTI is +1.3% at $73.80, moving off an earlier low of $72.51 that now forms initial support having cleared the Jan 4 low of $72.73. The bear trigger at $70.31 (Dec 9 low) remains exposed.
  • Brent is +1.2% at $78.77, off lows of $77.61 and the bear trigger at $75.64 (Dec 9 low).
  • Gold is -1.1% at $1833.4, hit by dollar strength on the back of strong ADP employment and low jobless claims plus some hawkish Fedspeak despite a late reprieve from a less hawkish than he could have been Bullard. It moves quickly away from resistance at $1865.1 (Jan 4 high) with support still much lower at $1795.0 (20-day EMA).
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