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COMMODITIES: Crude Plunges As Geopolitical Risks Ease After Israel Strike

COMMODITIES
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  • WTI has sunk today as the geopolitical risk premium associated with Israel's retaliatory strike on Iran evaporated when the former avoided hitting energy and nuclear facilities.
  • WTI Dec 24 is down by 6.0% at $67.5/bbl.
  • Israeli missile strikes on Iranian military targets in and around Tehran on the night of Oct 26 are seen as being on the less-escalatory end of the spectrum of potential responses to Iran's ballistic missile barrage launched against Israel on Oct 1.
  • A bearish theme in WTI futures remains intact and today’s gap lower reinforces this theme.
  • A continuation down would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and a key support.
  • Meanwhile, Henry Hub is plunging today, amid indications of milder weather throughout the continental US, coupled with strong output levels. This is tracking the wider selloff in the energy complex due to abating geopolitical risks from the Middle East.
  • US Natgas Nov 24 is down by 9.7% at $2.31/mmbtu.
  • Elsewhere, spot gold has edged down by 0.2% to $2,741/oz, as the yellow metal consolidates just below last week’s record high of $2,758.
  • Gold bulls remain in the driver’s seat, with sights on $2,767.1 next, a Fibonacci projection point, ahead of the $2,800.0 handle.
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  • WTI has sunk today as the geopolitical risk premium associated with Israel's retaliatory strike on Iran evaporated when the former avoided hitting energy and nuclear facilities.
  • WTI Dec 24 is down by 6.0% at $67.5/bbl.
  • Israeli missile strikes on Iranian military targets in and around Tehran on the night of Oct 26 are seen as being on the less-escalatory end of the spectrum of potential responses to Iran's ballistic missile barrage launched against Israel on Oct 1.
  • A bearish theme in WTI futures remains intact and today’s gap lower reinforces this theme.
  • A continuation down would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and a key support.
  • Meanwhile, Henry Hub is plunging today, amid indications of milder weather throughout the continental US, coupled with strong output levels. This is tracking the wider selloff in the energy complex due to abating geopolitical risks from the Middle East.
  • US Natgas Nov 24 is down by 9.7% at $2.31/mmbtu.
  • Elsewhere, spot gold has edged down by 0.2% to $2,741/oz, as the yellow metal consolidates just below last week’s record high of $2,758.
  • Gold bulls remain in the driver’s seat, with sights on $2,767.1 next, a Fibonacci projection point, ahead of the $2,800.0 handle.