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Risk-On Sees A Strong Reversal Of Yesterday’s Declines

COMMODITIES
  • Crude oil prices have bounced strongly today, currently 4+% boosted by risk-on sentiment despite higher than anticipated US inventories taking the edge off even larger earlier gains.
  • WTI is +4.4% at $102.91 having cleared resistance at $102.14 (Jul 6 high) after recent bearish focus. Next resistance is eyed at the 50-day EMA of $106.88.
  • Brent is +4.2% at $104.90, also having cleared $104.35 (Jun 22 low) which next opens the 50-day EMA of $109.28.
  • Other commodities tied to economic activity have also increased strongly, with both copper (HG1) and DCE iron ore rising 3+%.
  • Gold lags though after its recent slide, only rising +0.07% to $1740.11 with mixed impact from rising Tsy yields but a softer dollar. It sits close to yesterday’s low of $1732.3 (Jul 6 low), clearance of which could open $1721.7 (Sep 29, 2021 low).
Energy BulletsCommodities
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