OIL: Weak oil prices, limited shale acreage to hit energy M&A in 2025: Enverus

As for non-German contracts in Europe, positioning is flat/short:

• OAT: OAT reversed back into short territory in March, having been "flat" for most of February. Last week's trade was indicative of short cover.  
• GILT: Gilt structural positioning remains flat, where it was before the quarterly roll and indeed for most of the last 6 months. Last week some some longs set.
• BTP: BTP remains pulled away from its usual structural long positioning, and has now been "flat" since late January. Last week's trade was consistent with short cover.    

• Stocks remain firmer after the bell, momentum stalled midday after Pres Trump said he would announce additional tariffs on cars "shortly" and pharmaceuticals at "some point". Currently, the DJIA trades up 567.83 points (1.35%) at 42553.43, S&P E-Minis up 97 points (1.7%) at 5815.25, Nasdaq up 399.9 points (2.2%) at 18184.23.
• Consumer Discretionary and Information Technology sectors continued to lead gainers in the second half, retail buyers helping Tesla rally over 10%, outperforming other Discretionary sector shares: Deckers Outdoor +4.58%, Ralph Lauren +4.38%, Royal Caribbean Cruises +4.04% and Darden Restaurants +3.98%.
• Semiconductor makers buoyed the Tech sector in the first half as AI demand for high performance chips continued: Advanced Micro Devices +7.81%, Monolithic Power Systems +6.33%, Palantir Technologies +5.83%, NXP Semiconductors +4.96% and Arista Networks +4.46%.
• On the flipside, Utilities and Consumer Staples continued to underperform in late trade, independent energy providers weighed on the former: AES Corp -1.99%, NextEra Energy -1.17%, FirstEnergy Corp -0.99% and Consolidated Edison -0.68%.
• Meanwhile, Consumer Staples weighed by food producers & distributors: Brown-Forman -2.89%, Hormel Foods -2.70%, Kraft Heinz -1.63%, Bunge Global -1.28% and General Mills -1.26%.

• RES 4: 0.8530 76.4% retracement of the Aug 8 - Dec 19 ‘24 bear leg         
• RES 3: 0.8494 High Aug 26 ‘24 
• RES 2: 0.8474 High Jan 20 and a key resistance
• RES 1: 0.8428/8450 High Mar 18 / 11 and the bull trigger     
• PRICE: 0.8364 @ 16:52 GMT Mar 24 
• SUP 1: 0.8351/46 50-day EMA and pivot support / Low Mar 24
• SUP 2: 0.8321 61.8% retracement of the Mar 3 - 11 bull leg 
• SUP 3: 0.8391 76.4% retracement of the Mar 3 - 11 bull leg 
• SUP 4: 0.8241 Low Mar 3 and a key support 

EURGBP remains in a retracement mode. The cross has recently breached 0.8369, the Mar 14 low, and attention is on the 50-day EMA, at 0.8351. The average marks a key short-term pivot level. It has been pierced, a clear break would undermine the recent bull theme and signal scope for a deeper pullback, towards 0.8321, a Fibonacci retracement. Key resistance and the bull trigger is 0.8450, the Mar 11 high.