WTI Futures Surge, Prices North of $50/bbl Across the Curve

Despite modest weakness at the tail-end of last week, WTI and Brent crude futures resumed the bull trend Monday, with futures across curve benefiting. Contracts across the curve are now north of $50/bbl for the first time since early last year, cementing the recent bullish trend and showing markets that oil strength is becoming priced in over the longer-term.

Monday's rally has bled well into Tuesday trade, with new cycle highs of $63/bbl printed for WTI. Similarly for Brent, $66.79 is the new high watermark.

For precious metals, the recovery from last week's lows continued overnight, with prices edging to $1816.03 before softening into the COMEX open. The Gold/Silver ratio continues its downtrend, re-approaching the early February and multi-year lows to start the week.