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Oil Tumbles 7% Amid Demand Concerns, US Dollar Rebound

COMMODITIES
  • Oil has had its biggest intraday drop since October in New York amid short-term demand concerns (amid fresh European lockdowns) and a rising dollar, sliding as much as 7%. WTI futures testing/breaking the March 4 low at $60.52 per barrel. The extension of the decline may also be attributed to some unwinding of long positions from CTAs as daily price gains or losses of more than 3% can often trigger this account group to quickly unload. Watch for this unwind to continue if price action maintains this pace in the days ahead.
  • Beyond that, money managers could be unwinding longs. This group's crude holdings are the longest in more than two years, according to the most recent CFTC data. Let's not forget Iran is swamping China with oil. Also, quarter-end window dressing can also get in the way of an otherwise nice trend.
  • Precious metals consolidated near their highs during Asia trade, following the fed announcement. A reversal during Europe saw an aggressive move lower and a test of Wednesday's lows. A small bounce leaves spot gold and silver with losses around 0.7% for the day, however, prices are broadly unchanged for the week, with the focus of price volatility in other assets.
Energy BulletsCommodities
Energy BulletsCommodities

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