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Crude Futures Slip, Precious Metals Unchanged

COMMODITIES
  • WTI has recovered some of its earlier losses, although remains down on the day with front-month WTI futures slipping 0.75% as we approach the APAC crossover. Pressure is coming from large US product builds and strong non-OPEC production. This is outweighing support from a larger than expected draw in US crude stocks and continued disruption in the MENA region.
  • Oil prices are not reacting much to Red Sea escalations and geopolitical tensions because fundamentals are softer for crude right now according to Energy Aspects Director Amrita Sen. The oil market is overly complacent about geopolitical risks while demand has disappointed in China and India according to Rapidan Energy Group via Bloomberg.
  • Elsewhere, US NatGas futures are up around 6%, with Henry Hub heading into the US close on the front foot, despite below expected EIA storage data. Colder weather across the US and record LNG feedgas have been adding support.
  • In precious metals, the lacklustre price action for the USD index ahead of the significant US data has kept ranges much more contained on Thursday, with both cash gold and silver tracking close to unchanged on the session at $2043/oz and $23.00/oz respectively.
  • In gold, last week’s move reiterates a bullish overall theme and note that moving average studies are in a bull-mode position too, reflecting an uptrend. Key support lies at $1973.2, the Dec 13 low.
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