June Nymex WTI crude prices are trading around $103.80 this morning in Asia having rallied as high as $104.68 on Friday with equities, but later fell back with some book squaring as the May WTI contract expired to close at $103.88. Asian markets have seen little involvement so far today in a $103.70-90 range. Latest CFTC data shows a small increase in open interest for the combined Nymex and ICE futures, with money managers increasing net longs by around 1.4%, but producers increasing their net shorts by around 7.2%, amid the larger than expected builds in weekly crude inventory data. Geopolitical concerns are still playing their part with disruption concerns a key factor in price movements despite over supply. Brent crude is currently trading around $118.80 with the contract’s premium over WTI holding steady around $15. Today’s support for WTI come in at $102.86 and $102/.35 with resistance at $104.68 and $105.41. June ICE Brent support is at $118.20 and $117.62 with resistance at $119.15 and $119.90.
EasyForexNews Research Team