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COMMODITIES: Crude Rangebound Following Ceasefire, Henry Hub Falls

COMMODITIES
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • Crude front month has eased back to near rangebound today, as the market weighs a larger US stock draw against the Israel-Hezbollah ceasefire.
  • WTI Jan 25 is 0.1% lower at $68.7/bbl.
  • The ceasefire between Israel and Hezbollah will be monitored closely with both sides attacking in the hours before the truce was due to begin.
  • With a bearish theme in WTI futures still intact, attention remains on $65.74 next, the Oct 1 low.
  • Meanwhile, Henry Hub has lost ground today amid a largely expected, but below-average US storage withdrawal last week.
  • US Natgas Jan 25 is down by 7.5% at $3.21/mmbtu.
  • Spot gold has edged up by 0.1% today to $2,635/oz, keeping the yellow metal around 3% below Monday’s high.
  • Monday’s move lower is - for now - considered corrective, despite it being a very sharp pullback. Resistance to watch is $2,721.4, Monday’s high, while key support to monitor is $2,536.9, the Nov 14 low.
  • Silver is underperforming today, currently 1.3% lower at $30.0/oz. As a result, the gold-silver ratio has risen to its highest level since Sept 12.
  • The corrective cycle in silver that started on Oct 23 remains in play, with focus on $28.446, a Fibonacci retracement.
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  • Crude front month has eased back to near rangebound today, as the market weighs a larger US stock draw against the Israel-Hezbollah ceasefire.
  • WTI Jan 25 is 0.1% lower at $68.7/bbl.
  • The ceasefire between Israel and Hezbollah will be monitored closely with both sides attacking in the hours before the truce was due to begin.
  • With a bearish theme in WTI futures still intact, attention remains on $65.74 next, the Oct 1 low.
  • Meanwhile, Henry Hub has lost ground today amid a largely expected, but below-average US storage withdrawal last week.
  • US Natgas Jan 25 is down by 7.5% at $3.21/mmbtu.
  • Spot gold has edged up by 0.1% today to $2,635/oz, keeping the yellow metal around 3% below Monday’s high.
  • Monday’s move lower is - for now - considered corrective, despite it being a very sharp pullback. Resistance to watch is $2,721.4, Monday’s high, while key support to monitor is $2,536.9, the Nov 14 low.
  • Silver is underperforming today, currently 1.3% lower at $30.0/oz. As a result, the gold-silver ratio has risen to its highest level since Sept 12.
  • The corrective cycle in silver that started on Oct 23 remains in play, with focus on $28.446, a Fibonacci retracement.