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COMMODITIES: Crude Futures Rebound, Gold Edges Back Towards Bull Trigger

COMMODITIES
  • Crude prices have risen on Thursday, with WTI futures roughly 1.5% higher on the session. The gains eat into a solid chunk of yesterday’s decline, driven by an unexpected US crude inventory build. A lack of progress in Gaza ceasefire talks, and gains in US equities have further supported the recovery.
  • A continuation higher would signal scope for a climb towards $80.77, a Fibonacci retracement. Clearance of this level would open $83.58, the Jul 5 high.
  • For natural gas, Henry Hub has reversed course and moved into losses, erasing its earlier spike following EIA data showing the first summer draw in gas inventories in eight years.
  • In precious metals, the broad dollar strength in the aftermath of stronger US data had a very brief negative impact on the yellow metal. Spot gold swiftly recovered and is moderately higher on the session.
  • Attention remains on $2483.7, the Jul 17 high and a bull trigger. Clearance of this hurdle would resume the technical uptrend.
  • Elsewhere, Iron ore futures rose 1.5% after previously hitting the lowest level since 2022 on concern that global supply is running ahead of demand, with China’s steelmakers mired in a crisis and cutting output just as major miners boost exports. Futures had sunk for four consecutive days in Singapore, falling below $94 a ton, as data from China showed mills reduced steel production to about 83 million tons last month, 9% lower than a year earlier.
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