OIL: Medium Sour Diffs Boosted by Trump Move on Venezuela

SFIJ5/M5 95.95/96.05cs calendar spread, bought the June for 1 in 8k total.

SONIA FIX - Source: BBG/ICE

• 1M 4.53960 -0.0099
• 3M 4.48930 -0.0061
• 6M 4.40520 -0.0078
• 12M 4.28510 -0.012

• On the commodity front, despite yesterday’s pullback in Gold, the yellow metal is trading closer to its recent highs. A bull cycle is in play and the breach of resistance at 2726.2, the Dec 12 high, reinforces current conditions. Sights are on $2790.1, the Oct 31 all-time high. A break of this hurdle would confirm a resumption of the primary uptrend. The first key support to watch is $2671.6, the 50-day EMA. A reversal lower and a breach of this average would reinstate a bearish threat. The 20-day EMA is at $2702.2.
• In the oil space, Monday’s move lower in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention turns to support around the 50-day EMA, at $72.16. A clear break of the 50-day average would suggest scope for a deeper retracement. On the upside, a reversal higher would focus attention on $79.48, the Apr 12 ‘24 high and a key resistance.