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COMMODITIES: Crude Rebounds, Spot Gold Remains Steady

COMMODITIES
  • WTI has rebounded today and is closing with strong gains after yesterday’s plunge to the lowest since 2021.
  • WTI Oct 24 is up 2.6% at $67.5/bbl.
  • WTI futures remain in a bearish condition and a continuation lower would open $63.93 next, a Fibonacci projection point, ahead of the psychological $60.00 handle. Firm resistance is at $71.58, the 20-day EMA.
  • Henry Hub is continuing its recovery seen yesterday as the market assesses the impact of Hurricane Francine on operations the Gulf Coast.
  • US Natgas Oct 24 is up 1.9% at $2.27/mmbtu.
  • Spot gold has dipped by 0.2% to $2,513/oz today, having earlier in the session risen briefly to a peak of $2,529, close to last month’s record high.
  • Although gold continues to trade inside a range, the trend condition is unchanged and the primary direction remains up. Sights are on $2,536.4 next, a Fibonacci projection.
  • Meanwhile, copper has rebounded by 1.5% to $416/lb.
  • In Chile, copper commission Cochilco said that BHP’s Escondida copper mine, the world’s largest, saw production rise 29% y/y in July.
  • With a bear cycle in copper still intact, focus remains on initial support at $396.45, the Aug 7 low. On the upside, attention is on the 50-day EMA at $423.03.
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