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Recent Surge Halted Amid Safe Haven Demand

COMMODITIES
  • Crude futures made fresh highs before then coming under some pressure amid some extremely volatile moves in yields and equities. Taking a back-seat ranges were fairly contained with both WTI and Brent crude futures broadly unchanged on the session.
  • For Brent crude futures, markets earlier extended the sequence of higher highs to 16 of the past 19 sessions. Developments in broader risk sentiment will determine if this bullish sequence will continue.
  • EIA published U.S. NatGas Stockpiles -338 Bcf, roughly in line with a median estimate. -334 Bcf.
  • Metals – The late surge in the US dollar led to weakness in precious metals. Both spot gold and silver have retreated 1.5%. Copper's impressive rally was also finally capped. Despite losing 0.75% today HG1 futures are consolidating above 422-423 highs made earlier in the week.
  • Spiralling equity markets on yield volatility fears certainly halted the advance in the commodities space, generally evident by the Bloomberg Commodity Index giving back 0.55%.
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