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WTI Edges Lower

COMMODITIES
  • Front month WTI is pulling back but remains above earlier lows. Crude rallied yesterday driven by the chance that the US will reinstate sanctions on Venezuela, limited short term hope for a ceasefire in Israel, tighter supplies from OPEC+ output cuts in Q2 and a weaker US dollar.
  • WTI MAY 24 is currently down 0.4% on the day at $81.6/bbl. Sights remain on $83.87 next, the Oct 20 ‘23 high. A break of this level would open $84.87, the Sep 15 ‘23 high and a key resistance. Support to watch is $79.64, the 20-day EMA.
  • OPEC+ is unlikely to make any output policy changes until the next full OPEC+ ministerial meeting in June, three OPEC sources told Reuters.
  • Front month Henry Hub has reversed earlier gains to trade lower on the day with curtailed LNG feedgas flows and high storage weighing on prices, while the US weather forecast averages near normal.
  • US Natgas APR 24 is down 5.2% at $1.53/mmbtu.
  • Meanwhile, spot gold hit an intra-day high of $2,200/oz early on Tuesday, before paring gains to $2,178 currently, leaving the yellow metal just 0.3% higher on the day.
  • The trend condition in gold remains bullish and recent moves signal scope for a climb towards $2230.1, a Fibonacci projection. Key short-term trend support has been defined at $2146.2, the Mar 18 low.
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