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Crude And Gold Pull Back With No Further Middle East Spillover

COMMODITIES
  • Crude prices have fallen during US trading, as concerns on demand uncertainty continue to weigh on prices. Hopes for de-escalation have also pushed down prices amid headlines that Hamas will release foreign hostages in the next few days.
  • Specficially, Reuters carried comments from the spokesperson of "Hamas' armed wing" stating that he, "told mediators that group will release some foreign captives in coming days."
  • Nymex WTI open interest has halted the declining trend seen for much of October and back up to 1.67m from a low of 1.62m last week but compared to 1.8m seen at the start of the month.
  • OPEC+'s aggressive output cuts are set to tighten the market once again despite soft demand according to Bloomberg Intelligence. Oil prices have yet to see a significant spike due to the Israel-Hamas war but any escalation of the conflict is an upside risk to prices in the near term.
  • WTI is -1.4% at $81.17, pushing closer to a key support at $80.20 (Oct 6 low).
  • Brent is -0.05% at $87.41, limiting declines and still a little off support at $84.09 (Oct 11 low).
  • Gold is -0.6% at $1984.47 and in the process unwinds Friday’s surge seen at the time on Israel’s Gaza ground invasion headlines. The technical outlook still suggests the yellow metal could head northbound with resistance at $2009.4 (Oct 27 high) but support is seen at $1943.2 (20-day EMA) should some geopolitical de-escalation be seen.
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