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Unusually Steady Session For Crude Whilst Gold Ultimately Ending Flat

COMMODITIES
  • Crude oil has seen an unusually steady and narrow session, edging out relatively small gains compared to recent moves of 0.5-1%. Despite the mild recovery, it’s still trading circa 3$/bbl down so far this week with concern for central bank rate hikes next week. An expected recovery in China remains an upside risk and the upcoming holiday period could bring a potential short term boost to fuel demand.
  • The discount at which Canadian heavy oil trades to the benchmark could shrink by roughly 4$/bbl according to industry consultant Turner, Mason & Co. It could come within a year or so of the start up of TMX with shipping expected 1Q24.
  • WTI is +0.7% at $74.80, still comfortably off next resistance at the key short-term $79.18 (Apr 24 high).
  • Brent is +0.9% at $78.40, still comfortably off resistance at $83.06/$85.15 (Apr 25/19 highs).
  • Gold is unch at $1989.19 after a mixed session as it unwound earlier gains with the USD firming after on net more inflationary than expected US data ahead of another important schedule tomorrow. It hasn’t troubled resistance at $2015.1 (Apr 17 high) nor support at $1969.3 (Apr 19 low).
Energy BulletsCommodities
Energy BulletsCommodities

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