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COMMODITIES: WTI Crude, Gold Steady Amid Further US Dollar Gains

COMMODITIES
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • WTI has reversed earlier gains to be trading only marginally higher on the day, with a stronger US dollar offsetting better Chinese economic data and signs of the Israel-Hezbollah ceasefire failing.
  • WTI Jan 25 is up by 0.1% at $68.1/bbl.
  • Reuters is reporting that the Israeli military is attacking targets in Lebanon, after multiple reports today of ceasefire violations by both the IDF and Hezbollah in Lebanon.
  • With a bearish threat in WTI futures still present, attention is still on $65.74, the Oct 1 low.
  • Meanwhile, Henry Hub is on track for its lowest close since Nov 22, as strong domestic production offsets the current cold snap and robust LNG demand.
  • US Natgas Jan 25 is down by 4.2% at $3.22/mmbtu.
  • Spot gold has also edged down by 0.2% to $2,639/oz, as the yellow metal continues to consolidate after the sharp pull-back on Nov 25.
  • The long-term trend condition in gold remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Resistance to watch is $2,721.4, the Nov 25 high.
  • Copper is broadly unchanged today at $414/lb, despite the larger-than-expected increase in China’s Caixin manufacturing PMI in November.
  • A bearish trend condition in copper futures remains intact, with focus on $401.35, the Aug 7 low and a bear trigger. 
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  • WTI has reversed earlier gains to be trading only marginally higher on the day, with a stronger US dollar offsetting better Chinese economic data and signs of the Israel-Hezbollah ceasefire failing.
  • WTI Jan 25 is up by 0.1% at $68.1/bbl.
  • Reuters is reporting that the Israeli military is attacking targets in Lebanon, after multiple reports today of ceasefire violations by both the IDF and Hezbollah in Lebanon.
  • With a bearish threat in WTI futures still present, attention is still on $65.74, the Oct 1 low.
  • Meanwhile, Henry Hub is on track for its lowest close since Nov 22, as strong domestic production offsets the current cold snap and robust LNG demand.
  • US Natgas Jan 25 is down by 4.2% at $3.22/mmbtu.
  • Spot gold has also edged down by 0.2% to $2,639/oz, as the yellow metal continues to consolidate after the sharp pull-back on Nov 25.
  • The long-term trend condition in gold remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Resistance to watch is $2,721.4, the Nov 25 high.
  • Copper is broadly unchanged today at $414/lb, despite the larger-than-expected increase in China’s Caixin manufacturing PMI in November.
  • A bearish trend condition in copper futures remains intact, with focus on $401.35, the Aug 7 low and a bear trigger.