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Recent WTI Gains Appear To Be Correction

COMMODITIES
  • WTI crude futures are down over 1% on the day, having retreated to levels at Feb. 15 close. The downside stems from concerns over the sluggish pace of global demand growth, outweighing risks of supply disruptions in the Red Sea. The prompt US WTI futures time spread has reached its widest level since September, having begun its surge Feb. 13.
  • In headlines on Tuesday, Russia and Venezuela agreed to broaden their oil production cooperation, Russia’s Foreign Affairs Minister Sergei Lavrov told Venezuelan state tv during a visit to Caracas.
  • Recent gains in WTI futures, since Feb 5, still appear to be a technical correction. Key short-term resistance has been defined at $79.75, the Feb 16 high.
  • For natural gas, Henry Hub is continuing to slide, remaining at levels not seen since mid-2020. Strong production, mild weather, high storage inventories, and curtailed LNG exports are weighing on prices. US Natgas MAR 24 is down -1.7% at 1.58$/mmbtu.
  • For precious metals, spot gold is extending its most recent recovery, rising 0.35% and broadly in line with the softer US dollar. Technically significant levels on the topside remain much further out. The yellow metal needs to clear resistance at $2065.5, the Feb 1 high, to reinstate a bullish theme.
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