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Stock Build Tapers WTI Crude Gains

COMMODITIES
  • WTI has regained some ground after an unexpected build in US crude stocks pushed crude to near rangebound on the day. Upside support remains from a sharp fall in the USD index on the day, amid softer CPI data and the Fed holding rates steady.
  • WTI Jul 24 is up 0.8% at $78.5/bbl.
  • For now, short-term gains are considered corrective and the trend direction remains bearish. However, resistance at $78.37, the 50-day EMA, has been pierced and a clear break would expose $80.62, the May 1 high.
  • On the downside, a resumption of weakness would open $71.33, the Feb 5 low.
  • In contrast, Henry Hub is set for losses on the day as an approaching start up for the Mountain Valley pipeline spark hopes of more gas flowing from the Appalachia shale basin.
  • US Natgas Jul 24 is down 2.8% at $3.04/mmbtu.
  • Spot gold has edged up by 0.2% today to $2,321/oz.
  • Last week’s sharp sell-off in gold reinforced a short-term bearish theme, which opened $2,277.4, the May 3 low. On the upside, initial resistance to watch is $2,387.8, the Jun 7 high.
  • Meanwhile, silver is outperforming and is up by 1.0% on the day at $29.6/oz.
  • For silver, support to watch lies at the 50-day EMA, at $28.783. For bulls, a reversal higher would refocus attention on key resistance at $32.518, the May 20 high.
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