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Risk-On Session Can’t Quite Offset Earlier Declines For Crude On The Week

COMMODITIES
  • Crude oil is finishing the session on a strong note but still sits lower over the week after prior demand concerns haven’t been fully allayed despite a recovery in broader risk sentiment.
  • Pioneer sees a WTI price at $80-100 later this year whilst in products, JPM sees a structural and permanent shift in diesel usage, including a greater shift to biofuels.
  • WTI is +2.7% at $76.78, bucking its prior vulnerable trend to move closer but still some way off a key short-term resistance level at $79.18 (Apr 24 high).
  • Brent is +1.5% at $79.55, moving closer but still some way off to resistance at $82.88 (Apr 25 high).
  • Gold is +0.1% at $1990.34 as a reversal in prior USD strength has allowed the yellow metal to recover mid-session off a low of $1976.4. It didn’t trouble support at $1969.3 (Apr 19 low), whilst resistance remains at $2015.1 (Apr 17 high).
  • Weekly moves: WTI -1.4%, Brent -2.6%, Gold +0.4%, US nat gas +8%, EU TTF nat gas -4.1%
Energy BulletsCommodities
Energy BulletsCommodities

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