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WTI Dips On IEA Agreement, But Only In Front Contracts

COMMODITIES
  • Oil prices have been mixed today, with WTI slipping further but Brent largely unchanged on the day as IEA Nations agreed to join Biden’s oil release. Biden says allies may release 30-50million barrels but precise timings and volumes will be agreed within a week.
  • European natural gas prices meanwhile fell back heavily (-14%) as immediate supply disruption fears eased although there could still be significant disruption ahead.
  • WTI is -0.8% at $99.5. It earlier cleared the Mar 29 low of $98.44, leaving next support at the 50-day EMA of $97.30 whilst resistance is the Mar 30 high of $108.75.
  • The additional release of oil reserves sees the decline in prices concentrated in the front contract, with increases further out.
  • Brent is unch % at $104.7, having got close to support at $102.19 (Mar 29 low).
  • Gold is -0.7% at $1924.5 as Treasury yields and the dollar increased after a solid payrolls report that whilst largely in line with consensus, removes one hurdle for the Fed going ahead with a 50bp hike in May. Support remains the bear trigger of $1890.2 (Mar 29 low) whilst resistance is seen at $1966.1 (Mar 24 high).
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