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WTI Futures Drift Back To Flat, Consolidate Gains

COMMODITIES
  • Contracts across the curve were north of $50/bbl for the first time since early 2020 this morning. Despite front month drifting lower throughout the second half of the session, recent gains are consolidating and indicate bullish longer-term expectations.
  • The Bloomberg Commodity Index is almost exactly flat on the day, evidence of a lack of momentum in either direction as markets fell flat following Chairman Jerome Powell's congressional testimony.
  • In precious metals, gold and silver both underperformed and came under pressure in the lead up to the speech. Silver, in particular, dropped through yesterdays lows to print $27.25 and despite a relief rally is currently posting losses of 1.8% on the day.
  • Copper resilient as ever, up another 1%. Spot prices tagged above $9300/ton, another high since 2011 and continues to reflect the upbeat forecasts from sell-side analysts.
  • Bitcoin remains towards the lower end of the day's range after considerable selling pressure overnight caused the cryptocurrency to shed 20% from high to low. Currently at $47,200 it remains down 14% on the day.
Energy BulletsCommodities
Energy BulletsCommodities

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