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WTI Sees Largest Weekly Decline Since Apr’22, Gold Highest Settle In 11 Months

COMMODITIES
  • Crude oil has seen further large declines today, with Bloomberg noting it helped by 43k lots totaling more than 40mln barrels expiring in the money on Thursday, with the size forcing firms who executed the deals forced to dump futures to limit their own risk exposure.
  • Following a week of heightened demand concerns with first regional banking issues in the US and then European bank concerns, most notably Credit Suisse, it sees WTI record the largest weekly decline in almost a year at -13%.
  • WTI is -2.2% at $66.84 with a low of $65.17 clearing support at $65.60 to open a key support at $62.43 (Dec 2, 2021 cont).
  • Brent is -2.2% at $73.04 off a low of $71.40 that cleared the Mar 15 low of $71.67 and came close to $71.30 (1.00 proj of the Nov 7 – Dec 12 – Jan 23 price swing).
  • Gold is +3.5% at $1986.85, clearing three resistance levels today as it surges on USD weakness and US yields sliding. It’s just off a high of $1987.59 that fleetingly cleared $1987.4 (3.236 proj of the Sep 28 – Oct 4 – Nov 3 price swing), next opening the round $2000 with a more sustained break of $1987.4.
  • Weekly moves: WTI -12.8%, Brent -11.8%, Gold +6.4%, US nat gas -3.1%, EU TTF nat gas -19%.
Energy BulletsCommodities
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