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Crude Loses Ground, Gold Unwinds Friday’s Gains

COMMODITIES
  • Crude markets are losing ground today amid renewed hopes of progress towards a ceasefire in Gaza with negotiations ongoing. Downside is limited by concerns around disruption to coastal refining and shipping in Texas due to Hurricane Beryl.
  • WTI Aug 24 is down 1.1% at $82.3/bbl.
  • Tropical Storm Beryl is nearing the US Gulf Coast With 60mph Winds, but Exxon Mobil only sees a small impact on its output from Beryl, while Shell’s Perdido platform was shut down and evacuated by July 4.
  • A bull cycle in WTI futures remains in play and short-term weakness is considered corrective. Sights are on $85.27, the Apr 12 high and a bull trigger. Initial firm support to watch is $79.63, the 50-day EMA.
  • Meanwhile, spot gold is down by 1.5% today at $2,357/oz, unwinding Friday’s gains.
  • The decline follows news that the PBoC went a second consecutive month without adding to its gold reserves in June, according to the World Gold Council.
  • For gold, initial support to watch lies at the 50-day EMA, at $2,326.1, while first resistance is at $2,393.0, the July 5 high.
  • Copper has also fallen back by 1.1% today to $460/lb.
  • The move follows comments from Codelco that copper production in Chile had withstood the wettest June in more than two decades.
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