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COMMODITIES: Crude Falls Back, Gold, Copper Extend Gains

COMMODITIES
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  • WTI has lost ground today as it eases back from its highest level since July. Recent support comes from expectations of a tighter market.
  • WTI Feb 25 is down by 2.1% at $78.4/bbl.
  • The Russian sanctions may take some time to be fully in place, but buyers are already increasing interest in alternative non-sanctioned barrels.
  • Middle East spot premiums for crude oil have risen to above a two-year high in some cases, as Chinese and Indian buyers seek alternatives to Russian flows.
  • The recent strong impulsive rally in WTI futures has resulted in a breach of $76.41, the Oct 8 high, while $80.14, the Apr 12 ‘24 high has also been pierced, strengthening the bullish theme. Sights are on $81.69, a Fibonacci projection.
  • Meanwhile, spot gold has risen by 0.7% to $2,716/oz today, bringing the yellow metal to its highest level since Dec 12.
  • The recovery in gold opens $2,726.2, the Dec 12 high and an important resistance. Clearance of this level would be a bullish development, opening $2,730.4 next, the 76.4% retracement of the Oct 31 - Nov 14 bear leg.
  • Copper has also extended its rally, with the red metal rising by another 1.0% today to $443/lb, taking total gains this month to 10%.
  • Copper futures remain in a bull cycle. Recent gains have resulted in a move through key short-term resistance at $433.50, the Dec 12 high, opening $452.85, the Nov 5 ‘24 high and a key resistance.
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  • WTI has lost ground today as it eases back from its highest level since July. Recent support comes from expectations of a tighter market.
  • WTI Feb 25 is down by 2.1% at $78.4/bbl.
  • The Russian sanctions may take some time to be fully in place, but buyers are already increasing interest in alternative non-sanctioned barrels.
  • Middle East spot premiums for crude oil have risen to above a two-year high in some cases, as Chinese and Indian buyers seek alternatives to Russian flows.
  • The recent strong impulsive rally in WTI futures has resulted in a breach of $76.41, the Oct 8 high, while $80.14, the Apr 12 ‘24 high has also been pierced, strengthening the bullish theme. Sights are on $81.69, a Fibonacci projection.
  • Meanwhile, spot gold has risen by 0.7% to $2,716/oz today, bringing the yellow metal to its highest level since Dec 12.
  • The recovery in gold opens $2,726.2, the Dec 12 high and an important resistance. Clearance of this level would be a bullish development, opening $2,730.4 next, the 76.4% retracement of the Oct 31 - Nov 14 bear leg.
  • Copper has also extended its rally, with the red metal rising by another 1.0% today to $443/lb, taking total gains this month to 10%.
  • Copper futures remain in a bull cycle. Recent gains have resulted in a move through key short-term resistance at $433.50, the Dec 12 high, opening $452.85, the Nov 5 ‘24 high and a key resistance.