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WTI, Brent Give Up Gains as Gas Inventories Surge

COMMODITIES
  • WTI hit a new cycle high early Thursday, with the benchmark printing up at $69.40/bbl - the highest since 2018. This momentum faltered, however, as the DoE crude oil inventories data for the latest week showed a sizeable build in gasoline stocks, coming in well above the expected draw (build of 1.5mln bbls vs. Exp. draw of 1.8mln bbls).
  • As such, both Brent and WTI crude futures head into the close in minor negative territory, although the medium-term trend remains bullish.
  • Precious metals suffered from the bouncing greenback, which saw gold and silver notch up losses of 2% and 3% respectively, the sharpest decline for both metals in months. This saw gold undo much of the late May rally, narrowing the gap with first key support at the $1,842/oz 200-dma.
Energy BulletsCommodities
Energy BulletsCommodities

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