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WTI, Brent Offered as Colonial Pipeline Back Online

COMMODITIES
  • Prices were supported throughout the first half of the week on a supply scramble in the southern US states after a weekend cyber attack knocked the Colonial Pipeline offline. While reserves are unlikely to hit the gas pumps immediately, the issues are expected to be resolved in short order, taking some of the pressure off prices this morning.
  • WTI futures are back below the $65/bbl mark, and Brent has eased well below $68/bbl.
  • In metals space, precious benchmarks are lower, with gold and silver off 0.3% and 0.8% respectively. This cements the importance of the 200-dma in gold as key resistance, with the level crossing at $1847.9.
  • Industrial commodities are also suffering, with China-listed Iron Ore futures falling sharply after the Chinese authorities pledged to rein in flyaway commodities prices.
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