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COMMODITIES: Crude Gains, Gold Tests Resistance At Nov 25 High

COMMODITIES
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • Crude markets are on track for their highest close since Nov 22. Support comes from the possibility of tighter sanctions on Russian crude, with Bloomberg also noting that algorithmic buying activity has supported gains.
  • WTI Jan 25 is up by 2.6% at $70.4/bbl.
  • For WTI futures, initial firm resistance to watch is unchanged at $72.41, the Nov 7 high. Above here, key short-term resistance is at $77.04, the Oct 8 high.
  • Meanwhile, Henry Hub front month is headed for its highest close since Nov 25, supported by the current above normal demand and despite milder weather forecasts for next week.
  • US Natgas Jan 25 is up 7.5% at $3.4/mmbtu.
  • Elsewhere, spot gold has risen for a fourth session in a row, with the yellow metal gaining by 0.8% to $2,716/oz, as US CPI inflation data reaffirmed expectations of a Fed rate cut next week.
  • Gold briefly tested resistance at $2,721.4, the Nov 25 high, before paring gains.
  • Clearance of this resistance level would highlight a bullish short-term development, opening $2,730.4, the 76.4% retracement of the Oct 31 - Nov 14 bear leg.
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  • Crude markets are on track for their highest close since Nov 22. Support comes from the possibility of tighter sanctions on Russian crude, with Bloomberg also noting that algorithmic buying activity has supported gains.
  • WTI Jan 25 is up by 2.6% at $70.4/bbl.
  • For WTI futures, initial firm resistance to watch is unchanged at $72.41, the Nov 7 high. Above here, key short-term resistance is at $77.04, the Oct 8 high.
  • Meanwhile, Henry Hub front month is headed for its highest close since Nov 25, supported by the current above normal demand and despite milder weather forecasts for next week.
  • US Natgas Jan 25 is up 7.5% at $3.4/mmbtu.
  • Elsewhere, spot gold has risen for a fourth session in a row, with the yellow metal gaining by 0.8% to $2,716/oz, as US CPI inflation data reaffirmed expectations of a Fed rate cut next week.
  • Gold briefly tested resistance at $2,721.4, the Nov 25 high, before paring gains.
  • Clearance of this resistance level would highlight a bullish short-term development, opening $2,730.4, the 76.4% retracement of the Oct 31 - Nov 14 bear leg.