COMMODITIES: Recovery for WTI Futures Since Apr 9 Still Appears Corrective
WTI futures traded to a fresh S/T cycle high last Wednesday before finding resistance. The recovery since Apr 9, appears corrective. Key resistance to watch is $62.63, the 50-day EMA. It has been pierced, a clear break of it would highlight a stronger reversal and open $65.82, Apr 4 high. For bears a reversal lower would refocus attention on $54.33, the Apr 9 low and bear trigger. The price pattern on May 21 is a shooting star - a bearish signal. Recent gains in Gold signals the end of the corrective phase between Apr 22 - May 15. Medium-term trend signals are unchanged, they remain bullish. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. A continuation higher would open $3435.6 next, the May 7 high. Key support and the bear trigger has been defined at $3121.0, the May 15 low.
- WTI Crude up $0.08 or +0.13% at $60.97
- Natural Gas up $0 or +0.03% at $3.399
- Gold spot up $19.51 or +0.59% at $3320.93
- Copper up $1.65 or +0.35% at $475.65
- Silver up $0.08 or +0.24% at $33.3368
- Platinum up $6.69 or +0.62% at $1092.23
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BONDS: Bund and french OAT are leading Bonds lower
- Bund and the French OAT are still leading EGB futures to the downside in Early trade.
- The lighter liquidity is helping exacerbate some of the moves, and the EU supply due this morning as well as the announced French syndication are capping the upside.
- The initial support in Bund is at 131.11, US Treasuries are testing their intraday lows, led by Europe.
EGB SYNDICATION: France 3.00% Jun-49 Green OAT tap mandate
"As considered in the 2025 State financing programme published in December 2024, Agence France Trésor announces the syndicated increase of the Green OAT 3.00% 25 June 2049 to be launched in the near future, subject to market conditions. Joint Lead Managers will be Barclays, BNP Paribas, BofA Securities, Crédit Agricole CIB, HSBC and Natixis. All primary dealers will be invited to participate in the syndicate."
MNI pencils in a E4-8bln transaction size (a bit more uncertain than usual given it's a tap).
SONIA: Call fly seller
SFIM5 95.75/95.85/95.95c fly, sold at 2.5 down to 2.25 in 6k.
