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COMMODITIES: Crude Edges Lower, Henry Hub, Gold Gain

COMMODITIES
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  • WTI is set to fall 3.8% on the week, driven by the Israel-Hezbollah ceasefire, albeit a fragile one. Downside is moderated by reports this week suggesting OPEC+ is discussing output return delays for Q1 2025.
  • WTI Jan 25 has edged down by 0.3% on Friday to $68.5/bbl.
  • The ceasefire remains in place, but Israel and Lebanon blamed each other on Thursday for violating a fragile US-brokered agreement that came into effect a day earlier.
  • With a bearish threat in WTI futures remaining present, attention is still on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support.
  • Elsewhere, Henry Hub is continuing today’s rally amid thin holiday trading volumes and cooler weather and high LNG feedgas flows.
  • US Natgas Jan 25 is up by 4.4% at $3.34/mmbtu.
  • Meanwhile, spot gold has risen by 0.6% on Friday to $2,653/oz, leaving the yellow metal 2.3% lower on the week, following the sharp pull-back on Monday.
  • Resistance to watch remains at $2,721.4, Monday’s high, while key support to monitor is at $2,536.9, the Nov 14 low.
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  • WTI is set to fall 3.8% on the week, driven by the Israel-Hezbollah ceasefire, albeit a fragile one. Downside is moderated by reports this week suggesting OPEC+ is discussing output return delays for Q1 2025.
  • WTI Jan 25 has edged down by 0.3% on Friday to $68.5/bbl.
  • The ceasefire remains in place, but Israel and Lebanon blamed each other on Thursday for violating a fragile US-brokered agreement that came into effect a day earlier.
  • With a bearish threat in WTI futures remaining present, attention is still on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support.
  • Elsewhere, Henry Hub is continuing today’s rally amid thin holiday trading volumes and cooler weather and high LNG feedgas flows.
  • US Natgas Jan 25 is up by 4.4% at $3.34/mmbtu.
  • Meanwhile, spot gold has risen by 0.6% on Friday to $2,653/oz, leaving the yellow metal 2.3% lower on the week, following the sharp pull-back on Monday.
  • Resistance to watch remains at $2,721.4, Monday’s high, while key support to monitor is at $2,536.9, the Nov 14 low.