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COMMODITIES: Crude Gains, Gold Consolidates Ahead Of US Election Results

COMMODITIES
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  • WTI continues to trade higher on the day but has pared its earlier gains as the market shifts focus to the US election. It briefly dipped into losses on the day before rebounding.
  • WTI Dec 24 is up by 0.9% at $72.1/bbl.
  • From a technical perspective, a bearish theme in WTI futures remains intact and the latest recovery, including Monday’s gains, appears to be a correction.
  • However, a clear reversal would refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Initial resistance at $72.34, the Oct 24 high, was pierced earlier today.
  • Meanwhile, Henry Hub is set for losses today despite fears of disrupted production due to Tropical Storm Raphael. Downside comes from milder weather forecasts and expectations of higher-than-average inventory builds last week.
  • US Natgas Dec 24 is down by 3.5% at $2.68/mmbtu.
  • Spot gold has edged up by 0.2% to $2,742/oz, as it consolidates below last week’s record high at $2,790.
  • The trend condition in gold remains bullish, with sights on the $2,800.0 handle next.
  • Copper has extended its gains today, amid Chinese stimulus hopes, with the red metal rising by another 0.6% to $446/lb, taking gains so far this week to more than 2%.
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  • WTI continues to trade higher on the day but has pared its earlier gains as the market shifts focus to the US election. It briefly dipped into losses on the day before rebounding.
  • WTI Dec 24 is up by 0.9% at $72.1/bbl.
  • From a technical perspective, a bearish theme in WTI futures remains intact and the latest recovery, including Monday’s gains, appears to be a correction.
  • However, a clear reversal would refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Initial resistance at $72.34, the Oct 24 high, was pierced earlier today.
  • Meanwhile, Henry Hub is set for losses today despite fears of disrupted production due to Tropical Storm Raphael. Downside comes from milder weather forecasts and expectations of higher-than-average inventory builds last week.
  • US Natgas Dec 24 is down by 3.5% at $2.68/mmbtu.
  • Spot gold has edged up by 0.2% to $2,742/oz, as it consolidates below last week’s record high at $2,790.
  • The trend condition in gold remains bullish, with sights on the $2,800.0 handle next.
  • Copper has extended its gains today, amid Chinese stimulus hopes, with the red metal rising by another 0.6% to $446/lb, taking gains so far this week to more than 2%.