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USD Tailwind Adds Fuel To Gold And WTI Rallies

COMMODITIES
  • WTI has strengthened strongly on the day and is set for gains of around 4.5% on the week. Support on the day has come from a weaker US dollar, along with upside risks from a possible OPEC+ production cut extension and ongoing Middle East tensions.
  • US oil and gas rig count rose by 3 to 629 rigs according to Baker Hughes March 1.
  • The number of supertankers signalling China as their destination rose to the highest level in six weeks, according to Bloomberg.
  • OPEC+ are expected to gradually store barrels back to the market at the next ministerial meeting on June 1 according to Christyan Malek at JP Morgan.
  • WTI is +2.2% at $79.95, off an earlier high of $80.85, through yesterday’s high and a step closer to resistance at $81.70 (Fibo retrace of Sep 19 – Dec 13 bear cycle).
  • Brent is +2.0% at $83.56, off $84.34 having cleared $83.65 (Jan 29 high) after which lies $85.57 (Fibo retrace of Sep 15 – Dec 13 bear cycle).
  • Gold is +2.0% at $2084.33, off a high of $2088.37 that surged beyond a key resistance at $2065.5 (Feb 1 high) and stopped marginally short of $2088.5 (Dec 28 high). It’s driven by the lower Treasury yields and softer USD index seen after the ISM mfg miss, adding to continued Red Sea geopolitical tension.
  • Weekly moves: WTI +4.5%, Brent +2.3%, Gold +2.4%, US HH nat gas +14.7%, EU TTF nat gas +12.5%
Energy BulletsCommodities
Energy BulletsCommodities

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