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Weaker Dollar Lifts Major Prices With Gold Through Key Resistance

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  • Crude oil prices have benefited from a weaker dollar on regional banking stress spillover plus a commodities-friendly payrolls report in that it should further strong jobs growth but with some modestly softer internals details such as softer wage growth and a higher unemployment rate.
  • The limited rise isn’t enough to offset earlier gains in the week on further macro-related drivers with recessionary/demand fears at large.
  • WTI is +1.15% at $76.58, moving back nearer resistance at $78.06 (Mar 9 high) but still some way off key resistance at $80.94 (Mar 7 high).
  • Brent is +1.3% at $82.62, also off $84.00 (Mar 9 high) and some way off the stronger $86.75 (Mar 7 high).
  • Gold is +1.9% at $1865.79, surging for the second day as Tsy yields tumble and the dollar slips. It has cleared key short-term resistance at $1858.3 (Mar 6 high) to open $1870.5 (Feb 14 high).
  • There have been wildly different moves in natural gas today, with front TTF jumping 21% above EUR 50/MWh with supply risks and potential higher demand due to French strikes, whilst US prices fall further on milder weather forecasts, sliding demand from LNG terminals and domestic stockpiles reaching a six-year high.
  • Weekly moves: WTI -4.0%, Brent -3.8%, Gold +0.5%, US nat gas -19%, EU TTF nat gas +18%.
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  • Crude oil prices have benefited from a weaker dollar on regional banking stress spillover plus a commodities-friendly payrolls report in that it should further strong jobs growth but with some modestly softer internals details such as softer wage growth and a higher unemployment rate.
  • The limited rise isn’t enough to offset earlier gains in the week on further macro-related drivers with recessionary/demand fears at large.
  • WTI is +1.15% at $76.58, moving back nearer resistance at $78.06 (Mar 9 high) but still some way off key resistance at $80.94 (Mar 7 high).
  • Brent is +1.3% at $82.62, also off $84.00 (Mar 9 high) and some way off the stronger $86.75 (Mar 7 high).
  • Gold is +1.9% at $1865.79, surging for the second day as Tsy yields tumble and the dollar slips. It has cleared key short-term resistance at $1858.3 (Mar 6 high) to open $1870.5 (Feb 14 high).
  • There have been wildly different moves in natural gas today, with front TTF jumping 21% above EUR 50/MWh with supply risks and potential higher demand due to French strikes, whilst US prices fall further on milder weather forecasts, sliding demand from LNG terminals and domestic stockpiles reaching a six-year high.
  • Weekly moves: WTI -4.0%, Brent -3.8%, Gold +0.5%, US nat gas -19%, EU TTF nat gas +18%.