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COMMODITIES: Crude Declines, Gold Holding On To Bulk Of Recent Gains

COMMODITIES
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • WTI crude prices are easing lower today as prices readjust following a rally up to a high of $79.27/bbl yesterday. Recent gains have been driven by fresh US sanctions on Russia.
  • WTI Feb 25 is down by 1.4% at $77.7/bbl.
  • The Wall Street Journal reports that President-elect Donald Trump is preparing a set of energy-related executive orders, to sign upon his inauguration on Jan 20, that would unwind Biden administration rules on offshore/onshore drilling on federal lands, tailpipe emissions, and LNG exports approval.
  • Meanwhile, a potential drop in supply from sanctions against Russia and Iran are challenging the possibility of a market surplus this year, as previously forecast by some analysts.
  • The trend structure in WTI futures remains bullish, with sights on $79.59, the Jul 5 ‘24 high. On the downside, a reversal lower would expose the 20-day EMA, at $73.16.
  • Spot gold has risen by 0.4% to $2,673/oz today.
  • UBS analysts expect gold to hit a fresh record high this year amid trade and geopolitical uncertainties, forecasting the yellow metal to reach $2,850 by year-end.
  • While recent gains in gold appear corrective for now, the yellow metal is holding on to the bulk of last week’s gains and scope is seen for a continuation higher near-term.
  • A stronger recovery would open $2,726.2, the Dec 12 high and an important resistance. 
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  • WTI crude prices are easing lower today as prices readjust following a rally up to a high of $79.27/bbl yesterday. Recent gains have been driven by fresh US sanctions on Russia.
  • WTI Feb 25 is down by 1.4% at $77.7/bbl.
  • The Wall Street Journal reports that President-elect Donald Trump is preparing a set of energy-related executive orders, to sign upon his inauguration on Jan 20, that would unwind Biden administration rules on offshore/onshore drilling on federal lands, tailpipe emissions, and LNG exports approval.
  • Meanwhile, a potential drop in supply from sanctions against Russia and Iran are challenging the possibility of a market surplus this year, as previously forecast by some analysts.
  • The trend structure in WTI futures remains bullish, with sights on $79.59, the Jul 5 ‘24 high. On the downside, a reversal lower would expose the 20-day EMA, at $73.16.
  • Spot gold has risen by 0.4% to $2,673/oz today.
  • UBS analysts expect gold to hit a fresh record high this year amid trade and geopolitical uncertainties, forecasting the yellow metal to reach $2,850 by year-end.
  • While recent gains in gold appear corrective for now, the yellow metal is holding on to the bulk of last week’s gains and scope is seen for a continuation higher near-term.
  • A stronger recovery would open $2,726.2, the Dec 12 high and an important resistance.