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COMMODITIES: OPEC+ Inching Towards an Agreement and Gold Steadies. 

COMMODITIES
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  • OPEC+ delegates have provided some updates as to the ongoing discussions over the last week on supply for 2025, with an agreement likely to be reached to delay increasing oil production.
  • The US announced new sanctions against Iran targeting the shadow oil fleet that illegally transports Iranian oil to foreign markets.
  • Shipping firms and their management will be targeted by the new sanctions aimed at ‘imposing additional costs on Iran’s petroleum sector following Iran’s attack on Israel,’ the Treasury Department said in its statement.
  • This is the second time in two months the US has widened its approach to sanctions on Iran as the conflict in the Middle East continues.
  • Overnight news that Israel attacked and killed Hezbollah’s liaison to the Syrian army according to Israeli defense ministry release.
  • WTI had a very strong day in the US trading session yesterday, oil jumped 2.50% to close at US$69.9, and then continued rallying in Asia to be $70.08.
  • Brent followed suit up 2.35% to close at US$73.61, before continuing its rally to be $73.80.
  • Next week sees a significant gathering of Chinese leaders where it is intended to map out the strategy for the economic revival in 2025.   China’s faltering growth has been a significant drag in 2024 on oil prices.
  • Gold enjoyed a safe haven bid today with the political turmoil in Korea with both countries facing serious political turmoil that could topple the government.
  • Gold rose during the last hours in US trade to a high of US$2,655.63 before giving back some of those gains to trade below $2,640, only to bounce back in the Asia afternoon to be at $2,648.70.
  • Gold markets will watch closely the array of data from the US to get a sense of whether the FED will cut rates at their last meeting of the year. 
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  • OPEC+ delegates have provided some updates as to the ongoing discussions over the last week on supply for 2025, with an agreement likely to be reached to delay increasing oil production.
  • The US announced new sanctions against Iran targeting the shadow oil fleet that illegally transports Iranian oil to foreign markets.
  • Shipping firms and their management will be targeted by the new sanctions aimed at ‘imposing additional costs on Iran’s petroleum sector following Iran’s attack on Israel,’ the Treasury Department said in its statement.
  • This is the second time in two months the US has widened its approach to sanctions on Iran as the conflict in the Middle East continues.
  • Overnight news that Israel attacked and killed Hezbollah’s liaison to the Syrian army according to Israeli defense ministry release.
  • WTI had a very strong day in the US trading session yesterday, oil jumped 2.50% to close at US$69.9, and then continued rallying in Asia to be $70.08.
  • Brent followed suit up 2.35% to close at US$73.61, before continuing its rally to be $73.80.
  • Next week sees a significant gathering of Chinese leaders where it is intended to map out the strategy for the economic revival in 2025.   China’s faltering growth has been a significant drag in 2024 on oil prices.
  • Gold enjoyed a safe haven bid today with the political turmoil in Korea with both countries facing serious political turmoil that could topple the government.
  • Gold rose during the last hours in US trade to a high of US$2,655.63 before giving back some of those gains to trade below $2,640, only to bounce back in the Asia afternoon to be at $2,648.70.
  • Gold markets will watch closely the array of data from the US to get a sense of whether the FED will cut rates at their last meeting of the year.