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WTI, Brent Ebb Lower as Recovery Fades

COMMODITIES
  • WTI and Brent crude futures headed into the Friday close lower, with oil benchmarks fading as the recovery off the Monday low runs out of steam. The moves follow a sharp downtick in the Uni. of Michigan sentiment survey, which dropped 11 points. A drop of that size has only been seen on a handful of occasions: the depths of the COVID crisis, the 2008 financial crisis, Hurricane Katrina and the 1990 Kuwait crisis.
  • WTI crude futures hold south of the 50-day EMA at 69.98, which switches from support to resistance. This re-initiates the downside argument, opening $65.01, Jul 20 low and the key support.
  • While energy products slipped, precious metals gained, with USD weakness and a vague sense of risk-off buoying both gold and silver. Silver had lagged off the Monday lows but the gap closed somewhat Friday, with silver rallying as much as 2.5%.
  • Nonetheless, silver hold below the Monday lows, with the formation of a death cross (50-dma < 200-dma) this week adding to recent bearish pressure.
Energy BulletsCommoditiesAT&T Market NewsBank of America Market News
Energy BulletsCommoditiesAT&T Market NewsBank of America Market News

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