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WTI Slips During US Hours, Gold Rallies For Second Session

COMMODITIES
  • WTI has sunk during US hours, erasing all of yesterday’s gains. Front month remains up modestly on the week by around 0.3%. Focus today remains on geopolitical risks and the Middle East, OPEC+ output policy, and global demand.
  • WTI Jun 24 is down 1.3% on the day at $78.3/bbl.
  • OPEC+ crude production fell 210,000 b/d m/m to 41.04 million b/d in April according to a Platts survey.
  • For WTI futures, a bearish theme remains intact, with attention on $76.07 next, the Mar 11 low. Initial firm resistance is at $84.46, the Apr 26 high.
  • Meanwhile, Henry Hub is continuing to ease back following yesterday’s rally, driven by a below-expectation build in US natural gas storage inventories. However, front month is up around 5.5% on the week.
  • US Natgas Jun 24 is down 1.6% on Friday at $2.27/mmbtu.
  • Spot gold is up by 1.0% today at $2,369/oz, taking the weekly gain to around 3%.
  • Gold has rallied well for two consecutive sessions as markets undergo a corrective bump higher. This breaks the consolidation phase and concludes the bearish short-term condition.
  • The end of the corrective leg lower has unwound the overbought condition and allows markets to focus on next resistance at $2431.50 - the bull trigger. Any return lower would eye $2255.0, the 50-day EMA.
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