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WTI, Brent Firmer for a Third Session, Narrowing In On Cycle High

COMMODITIES
  • Oil markets are buoyant for a third session, with WTI and Brent hitting new multi-month highs and narrowing the gap with the cycle best posted in early March. The rebounding oil market is countering any downside pressure from the stronger greenback, with further strength noted in the futures curve, in which all contracts out to 2025 now sit above $54/bbl for WTI.
  • Precious metals price action has been more muted, with both gold and silver in negative territory. Silver is underperforming, helping correct the gold/silver ratio, which has traded under pressure across April.
  • Focus turns to the weekly DoE crude oil inventories data, which are expected to show a draw of near 3mln bbls for headlines stockpiles.
Energy BulletsCommodities
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