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WTI Clears 50-Day EMA On Demand Concerns, Products See Oversupply

COMMODITIES
  • Crude oil has been on a largely one way move lower today, continuing the week’s slide.
  • Similarly, gasoline cracks extended yesterday’s decline, with demand concerns weighing on margins and assisted by the return of US refineries from maintenance and the gradual return of French refineries.
  • Oil product market oversupply could be eased if China cuts quota for refined oil products exports in a second batch for 2023. Quotas could be reduced as domestic demand improves while there is less need to boost its economy through oil products exports. China's refinery throughput hit a record-high in March.
  • WTI is -2.4% at $77.24 having started the week close to $82.5. A low of $77.00 has seen it push through the 50-day EMA of $77.42, opening $75.72 (Mar 31 high).
  • Brent is -2.5% at $81.05 with a low of $80.82 easily through support at $82.08 (50-day EMA) to open $79.95 (Mar 31 high).
  • Gold is +0.5% at $2005.00 on a continuation of its inverse relationship with the USD. An earlier high of $2012.3 started to eye resistance at $2015.1 (Apr 17 high) after which lies the sizeable jump to the bull trigger at $2048.7 (Apr 13 high).
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