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Rate Hike Induced Demand Fears Offset Prior Supply Squeeze

COMMODITIES
  • Crude oil has ended the week on a soft patch, sliding as a substantial re-pricing of higher interest rate expectations are seen curtailing demand, along with the expected return to normal operations at the Ceyhan export terminal in Turkey by the end of this week.
  • In doing so, front contracts are trading near levels seen early last week before the rally caused by supply outages and the announcement of a Russian production cut in March.
  • WTI is -2.7% at $76.34, easily pushing through support at $76.52 (Feb 9 low) with its low of $75.06, opening $72.25 (Feb 6 low).
  • Brent is -2.5% at $82.98, with a low of $81.80 clearing support at $83.05 (Feb 9 low) to open $79.10 (Feb 6 low).
  • Gold is +0.3% at $1842.37, pulling back earlier notable losses on the day with a reversal in USD strength but still down on the week as a whole. A low of $1819.02 cleared support at $1827.7 (Feb 16 low) and came close to key near-term support at $1825.2 (Jan 5 low).
  • Weekly moves: WTI -4.2%, Brent -3.9%, Gold -1.2%, US nat gas -9.4%, EU TTF nat gas -9.1% as gas prices tumble on mild winter weather.
Energy BulletsCommodities
Energy BulletsCommodities

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