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Oil

Crude prices were due for a rebound after one the worst starts of a year. It's been a few decades since oil had this bad of a start and energy traders jumped all over the news that the Colonial Pipeline had to halt operations after a leak occurred. The shutdown should be over on Saturday, but the unexpected disruption helped oil prices stabilize. ​

The EIA crude oil inventory report was mixed but one of the big takeaways that it showed is demand is falling off a cliff. ​ Gasoline demand fell the most since March 2020, crude oil and distillate demand posted significant declines from a week ago. ​ Some traders are focusing on the declines in both gasoline and distillate inventories. ​ Crude exports surged and imports declined as flows from the Keystone Pipeline were impacted. ​

Oil is trying to rally but demand concerns are keeping the gains small. ​ The Saudis are slashing prices as the short-term crude demand outlook seems like it won't quite get a major boost from a robust China reopening. ​

Gold

Gold prices weren't ready for a trip to $1900 and investors quickly locked in profits yields rose and the dollar staged a comeback. Gold is struggling as the latest round of economic data suggests the Fed will have a lot of pressure on them to tighten further. ​

Labor market weakness is around the corner and until that happens, gold might remain stuck above the $1800 level. ​