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COMMODITIES: Oil Gains On Discussions Of Iran Oil Facility Strikes

COMMODITIES
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  • Oil prices have gained sharply on Thursday after President Biden made a remark that suggested Israel strikes on Iranian oil facilities are under discussion.
  • While not too far outside of expectations, striking Iranian oil facilities could pose risks to supplies through the Strait of Hormuz.
  • WTI Nov 24 is up by 5.2% at $73.8/bbl.
  • Having pierced resistance at the 50-day EMA, at $71.69, focus turns to $76.40 next, the Aug 26 high.
  • US natural gas prices have also rallied on Thursday, supported by higher demand forecasts over the next week and a drop in output.
  • US Natgas Nov 24 is up by 2.8% at $2.97/mmbtu.
  • Meanwhile, spot gold is broadly unchanged at $2,659/oz today.
  • Elsewhere, copper has fallen by 2.2% to $455/lb, unwinding gains made over the previous two sessions.
  • For copper, key near-term resistance is seen at $479.00, Monday’s intraday high, while key support is at $433.62, the 50-day EMA.
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  • Oil prices have gained sharply on Thursday after President Biden made a remark that suggested Israel strikes on Iranian oil facilities are under discussion.
  • While not too far outside of expectations, striking Iranian oil facilities could pose risks to supplies through the Strait of Hormuz.
  • WTI Nov 24 is up by 5.2% at $73.8/bbl.
  • Having pierced resistance at the 50-day EMA, at $71.69, focus turns to $76.40 next, the Aug 26 high.
  • US natural gas prices have also rallied on Thursday, supported by higher demand forecasts over the next week and a drop in output.
  • US Natgas Nov 24 is up by 2.8% at $2.97/mmbtu.
  • Meanwhile, spot gold is broadly unchanged at $2,659/oz today.
  • Elsewhere, copper has fallen by 2.2% to $455/lb, unwinding gains made over the previous two sessions.
  • For copper, key near-term resistance is seen at $479.00, Monday’s intraday high, while key support is at $433.62, the 50-day EMA.