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US Debt Talk Optimism Lifts Oil To May 11 Highs

COMMODITIES
  • Crude oil has gained strongly today on debt ceiling optimism with equities up strongly and despite some net strength in the USD on the day.
  • Earlier in the session , crude briefly eased back from prior gains after the EIA inventory data shows a build similar to the API data yesterday but compared to expectation of a small draw. Gasoline cracks remained stronger with another draw in stocks but a fall in demand weighed on diesel spreads.
  • WTI is +2.8% at $72.83 as it quickly shifts towards resistance at $73.93 (Apr 28 low) in a notable change from the trend needle previously pointing south.
  • Most active strikes in the CLM3 see $70/bbl puts just about edge out $73/bbl and $72/bbl calls.
  • Brent is +2.7% at $76.92, off a high of $77.31 that pushed through resistance at the 20-day EMA of $77.15 and opens $77.60 (May 10 high).
  • Gold is -0.25% at $1984.14 and does well not to fall more with higher Tsy yields and a stronger USD index. It briefly spiked to a lowof $1975.09 to punch through support at the 50-day EMA of $1976.8 but likely needs to see a more prolonged break to open the key support at $1969.3 (Apr 19 low).
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