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(X1) Defying Gravity


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  • WTI and Brent crude futures are trading higher, with both benchmarks up over 1% apiece. This puts WTI back above the $68/bbl level, but still well shy of the week's highs at $71.67/bbl. The front-end of the futures curve has steepened out to end-2023.
  • Firmer stock markets globally have helped stem losses from earlier in the week, keeping the tech picture broadly unchanged for now. The sharp sell-off defines a short-term trend top and signals scope for a deeper corrective pullback. The focus is on $64.60, a Fibonacci retracement where a break would open $63.10, the May 24 low.
  • Today's DoE crude oil reserves data is the next focus, with markets expecting a draw of near 4mln bbls for the week ending July 16th.