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COMMODITIES: Crude Extends Gains Amid Russia Sanctions, Precious Metals Decline

COMMODITIES
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  • Crude has extended gains from last week, with WTI at its highest level since last summer, supported by fresh sanctions from the US administration on Russia.
  • WTI Feb 25 is up by 2.9% at $78.8/bbl.
  • Crude curve backwardation has strengthened significantly after the announcement of the latest US sanctions on Russia risks global supplies.
  • New US sanctions against Russia will be retaliated against, according to the Russian Foreign Ministry.
  • The trend structure in WTI futures remains bullish and recent gains have resulted in a breach of key short-term resistance at $76.41, the Oct 8 high.
  • Clearance of this hurdle strengthens a bull theme and opens $79.59, the Jul 5 ‘24 high, followed by $80.14, the Apr 12 ’24 high and a key medium-term resistance.
  • Meanwhile, spot gold has fallen by 1.1% to $2,660/oz, the yellow metal’s first decline in five sessions.
  • Last week’s gains in gold appear corrective for now, although a continuation higher would open $2,726.2, the Dec 12 high. On the downside, initial support is at $2,642.7, the 50-day EMA, followed by $2,583.6, the Dec 19 low.
  • Silver is underperforming today, with the precious metal down by 2.7% to $29.6/oz.
  • A bear cycle in silver that started Oct 23 remains in play for now, with initial support seen at $28.748, the Dec 19 low, followed by $28.446, a Fibonacci retracement.
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  • Crude has extended gains from last week, with WTI at its highest level since last summer, supported by fresh sanctions from the US administration on Russia.
  • WTI Feb 25 is up by 2.9% at $78.8/bbl.
  • Crude curve backwardation has strengthened significantly after the announcement of the latest US sanctions on Russia risks global supplies.
  • New US sanctions against Russia will be retaliated against, according to the Russian Foreign Ministry.
  • The trend structure in WTI futures remains bullish and recent gains have resulted in a breach of key short-term resistance at $76.41, the Oct 8 high.
  • Clearance of this hurdle strengthens a bull theme and opens $79.59, the Jul 5 ‘24 high, followed by $80.14, the Apr 12 ’24 high and a key medium-term resistance.
  • Meanwhile, spot gold has fallen by 1.1% to $2,660/oz, the yellow metal’s first decline in five sessions.
  • Last week’s gains in gold appear corrective for now, although a continuation higher would open $2,726.2, the Dec 12 high. On the downside, initial support is at $2,642.7, the 50-day EMA, followed by $2,583.6, the Dec 19 low.
  • Silver is underperforming today, with the precious metal down by 2.7% to $29.6/oz.
  • A bear cycle in silver that started Oct 23 remains in play for now, with initial support seen at $28.748, the Dec 19 low, followed by $28.446, a Fibonacci retracement.