【Fujitomi】Overseas crude oil prices fall sharply

（NYSE Precious Metals）
On the 19th, NY gold, while wary of a rebound, declined from highs. NY COMEX near-month June gold was down $10.7 at $1,283.40 per ounce, NY COMEX near-month July platinum was down $8.3 at $970.30 per ounce.
Geopolitical risk eased a step, triggering profit-taking and pushing prices down, briefly below the previous day’s low. Although helped by a drop in the NY Dow, the market did not show solid buying and selling pressure remained cautious. With the French presidential election scheduled for the weekend, and none of the candidates expected to secure a majority, risk-off buying remains limited. Technically, traders should be mindful of the $1,270 level, which coincides with the 200-day moving average. NY platinum continued to fall. The chart pattern, like gold, worsened, and in the near term it is expected to test $950 for now. Given the deteriorating fundamental outlook, slipping below $900 is not out of the question.

（WTI Crude Oil・NY Petroleum Products・North Sea Brent）
On the 19th, WTI crude oil fell sharply, dropping to the $50s. WTI near-month June contract was down $2.00 at $50.85, North Sea Brent near-month June contract was down $1.96 at $52.93. RB gasoline May contract was down 5.20 cents at 165.90 cents, NY heating oil near-month May contract was down 4.06 cents at 158.13 cents.
In the closely watched US EIA inventory statistics, crude oil inventories were down 10.34 million barrels week over week, gasoline inventories were up 1.542 million barrels, and middle distillates were down 1.955 million barrels. This aligns with the API stock data released the previous day, and market reaction after the release was subdued. However, the overall trend remained bearish, and the week ahead’s continued expansion of US shale oil production, as forecast by the EIA for May, remained a pressure factor. The EIA inventory data showed eight consecutive weeks of rising crude production, while gasoline demand was soft, contributing to the weakness. As prices slid toward and below $52.50 in WTI near-month June, stop-loss selling accelerated, leading to a rapid drop of about $2. The chart deterioration had already been noted, so technical selling was expected, but US demand-supply weakness amplified the decline. After the settlement, the downside paused for the moment.

（CBOT Soybeans）
On the 19th, CBOT soybeans near contracts rebounded on bargain buying. May near contract up 4.50 cents at 950.50 cents, new-crop November up 1.75 cents at 958.50 cents.
May near contract did not make a new low for the day, holding around $9.40, and rebounded on bargain buying. However, like usual, prices are retreating from the Asian-session levels. Caution ahead of tomorrow’s weekly export sales data weighed, and by the close the upside was trimmed. Today’s funds net long is estimated at 6,500 contracts.

（CBOT Corn）
On the 19th, CBOT corn was mixed. May near contract down 0.25 cent at 361.50 cents, new-crop December up 0.25 cent at 386.50 cents.
Prices recovered toward the close, resulting in a mixed day. May near contract managed to hold around $3.60, suggesting an autorally. However, selling pressure emerged as ideal weather for corn planting in the US Midwest discouraged gains. For the latter half of this week, favorable weather is expected to aid plantings, potentially reducing delays. After a period of auto-rebound, the market was poised for further selling. Today’s funds net selling is estimated at 2,500 contracts.
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