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COMMODITIES: Gold Bull Cycle Remains Intact, Crude Sells-Off

COMMODITIES
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  • Spot gold has risen by 0.8% to $2,736/oz on Thursday, aided by a softening of the dollar today and continued safe haven demand that has driven the yellow metal to record highs this week.
  • With gold bulls still in the driver’s seat, sights remain on $2767.1 next, a Fibonacci projection point, ahead of the $2800.0 handle.
  • Meanwhile, WTI is maintaining the earlier sell off in US hours, likely sparked my Axios reports of a renewed ceasefire push between Israel and Hamas in Gaza. Focus is now shifting to concerns about oversupply.
  • WTI Dec 24 is down by 0.7% at $70.3/bbl.
  • EIA data yesterday showed US crude inventories rose by 5.47mbbl on the week, supported by an increase in imports and with production holding at record levels of 13.5mb/d, to more than offset an unexpected increase in refinery runs.
  • WTI futures have recovered from their recent lows. However, a bearish theme in WTI futures remains intact with attention on $65.99, the Oct 1 low, and $64.16, the Sep 10 low and a key support.
  • In contrast, Henry Hub is now extending gains from yesterday to the highest since Oct 15, with colder weather expected in western areas and a dip in production set against curtailed LNG export flows and a near-average EIA storage build.
  • US Natgas Nov 24 is up by 7.8% at $2.52/mmbtu.
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  • Spot gold has risen by 0.8% to $2,736/oz on Thursday, aided by a softening of the dollar today and continued safe haven demand that has driven the yellow metal to record highs this week.
  • With gold bulls still in the driver’s seat, sights remain on $2767.1 next, a Fibonacci projection point, ahead of the $2800.0 handle.
  • Meanwhile, WTI is maintaining the earlier sell off in US hours, likely sparked my Axios reports of a renewed ceasefire push between Israel and Hamas in Gaza. Focus is now shifting to concerns about oversupply.
  • WTI Dec 24 is down by 0.7% at $70.3/bbl.
  • EIA data yesterday showed US crude inventories rose by 5.47mbbl on the week, supported by an increase in imports and with production holding at record levels of 13.5mb/d, to more than offset an unexpected increase in refinery runs.
  • WTI futures have recovered from their recent lows. However, a bearish theme in WTI futures remains intact with attention on $65.99, the Oct 1 low, and $64.16, the Sep 10 low and a key support.
  • In contrast, Henry Hub is now extending gains from yesterday to the highest since Oct 15, with colder weather expected in western areas and a dip in production set against curtailed LNG export flows and a near-average EIA storage build.
  • US Natgas Nov 24 is up by 7.8% at $2.52/mmbtu.