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Solid Weekly Gains For Oil, Putin Address Monday

COMMODITIES
  • Oil sits circa 1.25% higher on the day for weekly gains of 2.5% (Brent) and 4.5% (WTI) as the EU moves closer to a stricter ban of Russian oil and the US looks to replenish its emergency reserves following the SPR release.
  • WTI is +1.3% at $109.65 having earlier stopped just shy of resistance at yesterday’s high of $113.51, with a second resistance level shortly after that at $113.90 (76.4% of Mar 7 -15 downleg).
  • The most active strikes today in CLM2 have been $100/bbl puts.
  • Brent is +1.2% at $112.28, again drawing close to $114 (May 5 high) after which it would open a bull trigger at $115.76.
  • Gold is +0.3% at $1883.15 but still down -0.7% on the week as long-end Treasuries trade above 3% and compete for safe haven demand. It’s the third straight weekly drop although Putin’s expected address on Monday could trigger renewed geopolitical tension demand.
  • Technicals are unchanged from yesterday, with resistance is eyed at the 20-day EMA of $1910.4 whilst support is seen at the $1850.5 (May 3 low).
Energy BulletsCommodities
Energy BulletsCommodities

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