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COMMODITIES: Crude Gains Ground, Gold Support Remains Exposed

COMMODITIES
EM BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsEmerging Market News
  • WTI has gained ground today, amid signs of a tighter-than-expected prompt market. Traders are also keeping an eye on colder temperatures in the US and any impacts on production.
  • WTI Feb 25 is up by 1.1% at $74.4/bbl.
  • OPEC 12 output in December was 26.46m b/d, down 49k b/d on the month, according to a Reuters survey.
  • For WTI futures, recent gains have exposed key short-term resistance at $76.41, the Oct 8 high. On the downside, a reversal lower would expose support at the 20-day EMA, at $71.10.
  • Meanwhile, Henry Hub renewed its pull back to trade lower on the day. Despite this, prices remain supported by current cold weather, curtailed production and strong LNG export demand.
  • US Natgas Feb 25 is down by 6.2% at $3.45/mmbtu.
  • Spot gold has risen by 0.5% to $2,650/oz, amid reports that the PBoC expanded its gold reserves for a second month in December. Bullion held by the central bank rose to 73.29mn fine troy ounces last month, from 72.96mn previously.
  • A bear threat in gold remains present, despite the latest recovery, with first firm support to watch at $2,583.6, the Dec 19 low.
  • On the upside, a continuation of gains would instead signal scope for a climb towards resistance at $2,726.2, the Dec 12 high.
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  • WTI has gained ground today, amid signs of a tighter-than-expected prompt market. Traders are also keeping an eye on colder temperatures in the US and any impacts on production.
  • WTI Feb 25 is up by 1.1% at $74.4/bbl.
  • OPEC 12 output in December was 26.46m b/d, down 49k b/d on the month, according to a Reuters survey.
  • For WTI futures, recent gains have exposed key short-term resistance at $76.41, the Oct 8 high. On the downside, a reversal lower would expose support at the 20-day EMA, at $71.10.
  • Meanwhile, Henry Hub renewed its pull back to trade lower on the day. Despite this, prices remain supported by current cold weather, curtailed production and strong LNG export demand.
  • US Natgas Feb 25 is down by 6.2% at $3.45/mmbtu.
  • Spot gold has risen by 0.5% to $2,650/oz, amid reports that the PBoC expanded its gold reserves for a second month in December. Bullion held by the central bank rose to 73.29mn fine troy ounces last month, from 72.96mn previously.
  • A bear threat in gold remains present, despite the latest recovery, with first firm support to watch at $2,583.6, the Dec 19 low.
  • On the upside, a continuation of gains would instead signal scope for a climb towards resistance at $2,726.2, the Dec 12 high.