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WTI Touches Best Level Since 2014

COMMODITIES
  • WTI and Brent crude futures traded positively into the Friday close, extending the recovery off the Wednesday low to touch the best levels in around seven years. The moves follow reports throughout the week that two major sources of supply - OPEC+ and the US Strategic Petroleum Reserve - will not release stockpiles to settle market prices.
  • This keeps the outlook for WTI and Brent crude bullish, with $80.57, the 1.50 proj of the Aug 23 - Sep 2 - Sep 9 price swing marking the next upside level.
  • Gold followed acute volatility in the US yield curve, with a lower-than-expected headline for change in nonfarm payrolls putting yield lower - initially flattering the gold price. This price action swiftly reversed, however, with markets becoming increasingly of the opinion that the report keeps the Fed on track to taper as soon as November. As a result, yields marched higher and topped 1.60%, dragging gold into negative territory.

Energy BulletsCommodities
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