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WTI Clears Key Resistance After US CPI, SPR Refill Headlines

COMMODITIES
  • Crude oil prices have been buoyed today by the USD weakening after US CPI inflation.
  • The Biden administration plans to refill the US SPR soon, and hopes to refill it at lower oil prices if it's advantageous to taxpayers during the rest of the year, according to US Energy Secretary Granholm, with an aim to getting back to pre-Ukraine war level after selling 180m bbls last year.
  • WTI is +2.1% at $83.25, pushing through key resistance at $83.04 (Jan 23 high) to open $85.01 (Nov 14 high).
  • Some downside protection has been seen in the CLK3 with most active strikes on the day at $80/bbl puts.
  • Brent is +1.9% at $87.24, earlier coming closer to resistance at $87.87 (Jan 27 high) after which lies the key resistance of $88.35 (Jan 23 high).
  • Gold is +0.7% at $2017.3, also benefiting from the weaker dollar whilst remaining below resistance at $2032.1 (Apr 5 high).
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