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Week Of Two Halves For Oil, Not So Gold

COMMODITIES
  • Crude oil prices are finishing the week on a stronger note, moving back closer to where they started after a week of two halves with souring and then improving global growth expectations.
  • Supply side issues have also been at play, including OPEC+ boosting its crude production by 390kbpd in June but still well short of quota, whilst US Treasury Secretary Yellen is heading to Asia next week to build support for a Russian oil price touted at $40-60/bbl depending on market conditions.
  • Money managers have decreased their ICE Brent crude net longs by 54k to 143k for a 20-month low in the week ending July 5, potentially further shaken
  • WTI is +1.6% at $104.34 (-1.3% on the week) having briefly tested yesterday’s high of $104.48, clearance of which would next see resistance at the 50-day EMA of $106.88.
  • Brent is +1.9% at $106.6 (-4.5% on the week), clearing resistance at $106.35 (Jul 7 high) and next opening the 50-day EMA of $109.1.
  • Gold is +0.2% at $1743.01 after sliding through the week with dollar strength and on balance higher Tsy yields for -3.8%. It breached the bear trigger of $1787 earlier in the week and with a low of $1732.2 on Jul 6 next sees support eyed at $1721.7 (Sep 29, 2021 low).
Energy BulletsCommodities
Energy BulletsCommodities

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