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WTI, Brent Stage Tepid Bounce

COMMODITIES
  • Both major crude benchmarks headed into the close higher, but gains were shy of 1% and dwarfed by the sharp downtick on Monday. New macro drivers were few and far between, but the stabilisation in equities will have helped underpin.
  • Gains were most notable across the front-end of the WTI futures curve, steepening the curve out to Dec-23.
  • Focus Wednesday turns to the weekly DoE crude oil inventories, in which markets see a draw of close to 4mln barrels in crude stocks for the week ending July 16th.
  • Gold oscillated inside a range, with spot capped by the 200-dma at $1824.5, while markets never really gained sufficient momentum to test the lower-end of the recent range. This keeps the technical picture unchanged, with eyes on key near-term support of the Jul 12 low at $1791.7.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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