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WTI, Brent Dented by China Fears

COMMODITIES
  • Oil markets globally slid sharply into the Monday close, with WTI and Brent crude futures off around 2% apiece. Concerns over any macro spillover from the potential default of China real estate giant Evergrande are largely responsible for the reversal, but pre-positioning ahead of Wednesday's Fed decision may also be playing a part, with the USD sharply stronger.
  • Despite the pullback in WTI, futures maintain a bullish outlook following last week's gains. The climb resulted in a break of $71.30, the bear channel top drawn off the Jul 6 high. The move higher strengthens the current bullish theme and signals scope for further short-term gains.
  • Gas prices globally continue to grind higher, with a number of governments now becoming concerned over supply constraints and the possible folding of a number of smaller energy providers. The UK government are said to be seeking information on the hedging arrangements for a number of suppliers, with UK day ahead gas prices again closing at alltime highs. Prices are higher by close to 500% over the past 12 months.
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