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WTI Crude Futures +3% As Risk Stabilises

COMMODITIES
  • WTI crude futures bounced back to within a dollar of their most recent highs, as early risk-off sentiment dissipated. Brent crude futures just behind the pace, but still +2.8%. Goldman Sachs raised guidance for Brent to reach $70 a barrel in Q2 and $75 a barrel in the following three months. The new guidance constituted a $10 revision.
  • In the metals space, precious metals were steadily bid throughout the session as markets brushed off an early surge in the dollar and the most recent trend of dollar selling reasserted itself. Spot gold rose 1.4% and silver broke through last week's highs, briefly trading back above $28, currently +2.35% on the day.
  • Copper's climb does not seem over with copper futures (HG1) extending above the 400 mark and continuing to reach best levels seen since 2011. Multiple analysts revised their cash forecasts for the bellwether metal last week to above 10,000 including Goldman Sachs and Citi.
  • Bitcoin had a near 15% sell-off that sparked some concerns amid regulatory comments from the EU and comments related to it's inefficiency and links to illicit finance from Treasury Secretary Yellen. Price action has since stabilised back above 51,000 but remains down 6.75%.
  • The Bloomberg Commodity Index (BCOM) climbed 1.25% amid the stabilised sentiment.
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