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Peace Talk Progress Questioned

COMMODITIES
  • Oil and gold prices bounced today after Western officials tempered earlier optimism around peace talks by questioning the degree to which Russian participation is genuine, but prices nevertheless remain down on the day.
  • That said, the decline in WTI has been concentrated in front-dated contracts, with increases from Oct’22 onwards.
  • WTI is -1.5% at $104.4 having dipped below $100/bbl before reversing. Having cleared $102.83 (Mar 28 low), support is next eyed at the 50-day EMA of $96.44.
  • The most active strikes in the May’22 contract are $90/bbl puts and $95/bbl puts.
  • Brent is -1.9% at $110.3 having also tentatively cleared first support which next opens the 50-day EMA of $101.35.
  • Gold is -0.3% at $1917.7, off an earlier low of $1890 that breached both the 50-day EMA of $1902.7 and the Mar 16 low of $1895.3, potentially opening the key short-term support of $1878.4 (Feb 24 low) in the process.
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