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Thawing Of Geopolitical Risks Plus Iran Progress

COMMODITIES
  • Crude oil prices have fallen for a second day as Iran nuclear talks progressed (proposals are “on the finish line”) and Macron said he received assurances from Putin that we would not escalate the situation further, even if Moscow cast doubt on this.
  • With oil already offered, there appeared to be little impact from White House Economic Adviser Bernstein saying that releasing more oil reserves is an option.
  • WTI is -1.7% at $89.75, having cleared initial support of $90.07 (Feb 4 low) which next opens $86.34 (Jan 31 low). The most active strikes in the H2 contract have been $95/bbl calls.
  • Brent is -1.7% at $91.09, also through first support at $91.2 (Feb 4 low) and opening $87.72 (Feb 1 low).
  • Gold is up another 0.4% today at $1828.5 and currently sits between the bull trigger of $1853.9 (Jan 25 high) and the bear trigger of $1780.4 (Jan 28 low).
Energy BulletsCommodities
Energy BulletsCommodities

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