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Souring Risk Sentiment Drives Oil And Gold After A Mixed Week

COMMODITIES
  • Crude oil prices have slipped today as risk sentiment soured with strong US CPI inflation and surging yields, leaving prices 1.5-2% higher over a mixed week that has seen narrower price action but continues the theme of tight supply concerns.
  • WTI is -0.8% at $120.55 (+1.4% on the week) having earlier got close to touching Wednesday’s high of $123.18. That remains initial resistance whilst support is eyed at $117.14 (Jun 7 low).
  • Highlighting the mixed price action, today’s most active strikes in the CLN2 have been $125/bbl calls followed by $110/bbl puts and $115/bbl puts.
  • Brent is -0.95% at $121.93 (+1.8% on the week) having stopped just shy of to touching Wednesday’s high of $124.40 with the bull trigger from Mar 7 high of $124.42 just above that.
  • Gold has ultimately jumped +1.4% to $1874.48 today for +1.3% on the week. It first fell with higher yields and dollar strength post-CPI before growth concerns mounted with a catalyst being very weak U.Mich consumer sentiment, supporting the yellow metal with haven demand.
  • Having been largely rangebound this week, it clears the 50-day EMA of $1871.7 and tests resistance at $1874.1 (May 24 high), after which it could open $1909.8 (May 5 high).
Energy BulletsCommodities
Energy BulletsCommodities

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