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WTI Nears Bear Trigger After Slumping On Demand Fears

COMMODITIES
  • Crude oil has seen another torrid day, currently down more than 5% for almost 10% over the past two days. The market is focusing on the impact on demand from rising covid cases in China and recession fears as central banks struggle with inflation.
  • WTI sees it’s largest one-day decline since Sep 23, currently down -5.2% at $72.91. It punched through key short-term support at $75.15 (Dec 29 low), then $73.40 (Dec 16 low) to open the bear trigger at $70.31 (Dec 9 low).
  • Brent is -5.1% at $77.90, through two support levels and next eyeing the bear trigger at $75.64 (Dec 9 low).
  • Gold is +0.7% at $1852.1 after scrubbing away some of the large gains on weaker than expected French CPI inflation. It cleared resistance with a session high of $1865.1 after which sits $1872.4 (3.0% 10-dma envelope).
  • Elsewhere, a continuation of warm weather forecasts sees large declines in European gas, hitting lowest levels since 2021 and the lowest TTF front month close since the end of Oct 2021. TTF FEB 23 down -10.1% at 65€/MWh.
Energy BulletsCommodities
Energy BulletsCommodities

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