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WTI Sees Key Short-Term Support Opened As Risk Sours Pre-Payrolls

COMMODITIES
  • Crude oil prices have seen a sharp reversal of earlier gains as risk sentiment sours with equities sliding and Treasuries firmly bid ahead of tomorrow’s payrolls report.
  • WTI is -1.25% at $75.70, pushing through support at $75.83 (Mar 3 low) to open key short-term support at $73.80 (Feb 22 low).
  • Most active strikes in the CLJ3 through the day to date are currently $72/bbl and $70/bbl puts.
  • Brent is -1.25% at $81.62, through $82.06 (Mar 8 low) to open $80.25 (Feb 23 low).
  • Gold is +1.0% at $1831.44 as yields tumble and the dollar depreciates although holds onto more than half of Tuesday’s surge higher on Powell. Despite the solid increase, it remains off key short-term resistance at $1858.3 (Mar 6 high).
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