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Free AccessCrude Futures/Precious Metals Surge Amid Weaker USD Backdrop
- Crude oil prices have rallied sharply on Tuesday, despite easing from their intraday highs in late trade. Price action was unable to breach last Friday’s highs, residing just above the $77 mark for WTI. Crude is rebounding amid the ongoing weakness for the US dollar and is also finding support from uncertainty over the upcoming OPEC+ meeting and potential further supply cuts, coupled with lower output from Kazakhstan as storms impact CPC loadings.
- OPEC+ talks on oil policy are difficult, making a further delay or a rollover possible according to four OPEC+ sources cited by Reuters.
- For Natural Gas, Henry Hub plummeted once again near US close and is trading just above its intraday low of $2.683/MMBtu. It is set for its lowest closing level since late September. Record domestic production is adding to healthy storage and an expected drop in demand next week due to a warning weather forecast.
- In precious metals, some dovish leaning Fed comments and the associated weaker greenback has prompted a strong 1.4% rally for both spot gold and silver.
- Spot gold extends its impressive run to trade at the highest level since May and significantly narrow the ga with the year’s highs at $2,063. Analysts appear to remain bullish on the yellow metal with strategists at Bank of America, stating they believe gold could finish 2024 at $2,400 per ounce, if earlier Fed rate cuts were to manifest.
- Mining weekly reported that in their recently published Metals and Mining Outlook for 2024, the BofA analysts said that while the war in the Middle East has boosted gold in the near term, “the yellow metal ultimately remains a trade on rates, so once the Fed announces a decisive end to the hiking cycle in 2Q, new buyers should come into the market.”
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.