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COMMODITIES: WTI Edges Higher As IEA Upgrades Demand Outlook

COMMODITIES
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  • After previously falling into losses following a higher-than-expected US crude build, WTI has regained ground to trade up on the day. Crude is likely supported by the IEA’s upgraded 2024 demand outlook.
  • WTI Dec 24 is up by 0.4% at $68.7/bbl.
  • The IEA forecasts global demand to grow by 921,000 bpd in 2024, up from 862,000 bpd previously, largely due to stronger-than-expected gasoil deliveries in OECD countries.
  • For WTI futures, a bearish theme is still intact, with attention on $65.99, the Oct 1 low. Initial firm resistance is at $72.88, the Nov 7 high.
  • Meanwhile, Henry Hub front month has plummeted today after a slightly larger than normal weekly injection into US natural gas storage.
  • US Natgas Dec 24 is down by 7.0% at $2.77/mmbtu.
  • After piercing $2,547.0, the Sep 18 low, earlier in the session, spot gold has recovered as the US dollar gave up some of its gains on the day, with the yellow metal now 0.1% higher at $2,577/oz.
  • The long-term trend condition in gold remains bullish, and the recent pullback appears corrective.
  • However, recent weakness has resulted in a breach of the 20- and 50-day EMAs, signalling scope for a deeper retracement. Below $2,547, next support is seen at $2511.1, the Sep 12 low.
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  • After previously falling into losses following a higher-than-expected US crude build, WTI has regained ground to trade up on the day. Crude is likely supported by the IEA’s upgraded 2024 demand outlook.
  • WTI Dec 24 is up by 0.4% at $68.7/bbl.
  • The IEA forecasts global demand to grow by 921,000 bpd in 2024, up from 862,000 bpd previously, largely due to stronger-than-expected gasoil deliveries in OECD countries.
  • For WTI futures, a bearish theme is still intact, with attention on $65.99, the Oct 1 low. Initial firm resistance is at $72.88, the Nov 7 high.
  • Meanwhile, Henry Hub front month has plummeted today after a slightly larger than normal weekly injection into US natural gas storage.
  • US Natgas Dec 24 is down by 7.0% at $2.77/mmbtu.
  • After piercing $2,547.0, the Sep 18 low, earlier in the session, spot gold has recovered as the US dollar gave up some of its gains on the day, with the yellow metal now 0.1% higher at $2,577/oz.
  • The long-term trend condition in gold remains bullish, and the recent pullback appears corrective.
  • However, recent weakness has resulted in a breach of the 20- and 50-day EMAs, signalling scope for a deeper retracement. Below $2,547, next support is seen at $2511.1, the Sep 12 low.