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COMMODITIES: WTI, Gold Down 4.5% on The Week

COMMODITIES
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  • WTI fell to its lowest intraday level since Oct 29 and remains under pressure from mixed Chinese economic and consumption data and growing expectations of a supply surplus in 2025.
  • WTI Dec 24 is down by 2.4% at $67.1/bbl.
  • With a bearish theme in WTI futures still intact, focus is on $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support.
  • In contrast, Henry Hub is on the rise again in US hours, showing some recovery after a sharp selloff yesterday. Front month sank after EIA data showed another larger than normal gas storage injection last week.
  • US Natgas Dec 24 is up 1.5% at $2.82/mmbtu.
  • Meanwhile, spot gold is broadly unchanged at $2,563/oz today, leaving the yellow metal almost 4.5% lower on the week on the back of the strong dollar in recent sessions.
  • The move down has resulted in a breach of the 20- and 50-day EMAs, signalling scope for a deeper retracement towards $2,511.1 next, the Sep 18 low.
  • After rising in early trade, copper has fallen back and is now 0.7% lower on the day and 5.5% lower on the week at $411/lb.
  • This week’s move down reinforces a bearish theme. $419.91, 76.4% of the Aug 7 - Sep 30 bull cycle has been cleared and the continuation lower opens $401.35, the Aug 7 low and a bear trigger.
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  • WTI fell to its lowest intraday level since Oct 29 and remains under pressure from mixed Chinese economic and consumption data and growing expectations of a supply surplus in 2025.
  • WTI Dec 24 is down by 2.4% at $67.1/bbl.
  • With a bearish theme in WTI futures still intact, focus is on $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support.
  • In contrast, Henry Hub is on the rise again in US hours, showing some recovery after a sharp selloff yesterday. Front month sank after EIA data showed another larger than normal gas storage injection last week.
  • US Natgas Dec 24 is up 1.5% at $2.82/mmbtu.
  • Meanwhile, spot gold is broadly unchanged at $2,563/oz today, leaving the yellow metal almost 4.5% lower on the week on the back of the strong dollar in recent sessions.
  • The move down has resulted in a breach of the 20- and 50-day EMAs, signalling scope for a deeper retracement towards $2,511.1 next, the Sep 18 low.
  • After rising in early trade, copper has fallen back and is now 0.7% lower on the day and 5.5% lower on the week at $411/lb.
  • This week’s move down reinforces a bearish theme. $419.91, 76.4% of the Aug 7 - Sep 30 bull cycle has been cleared and the continuation lower opens $401.35, the Aug 7 low and a bear trigger.