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COMMODITIES: Crude Loses Ground, Henry Hub Falls, Gold Rises Amid Tariff Fears

COMMODITIES
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  • Crude futures have lost ground today as the market assesses the potential impact of the new US administration, with Trump promising to boost US production further.
  • WTI Feb 25 is down by 2.3% at $76.1/bbl.
  • US President Trump declared a “national energy emergency” to be able to increase domestic oil and gas production and reverse Biden’s climate change policies.
  • Trump also said that he planned to impose previously threatened tariffs of as much as 25% on Mexico and Canada by Feb 1.
  • Platts expects a tentative bullish effect on oil prices from these tariffs, due to increased freight costs amid expected oil trade reshuffling.
  • The trend structure in WTI futures remains bullish despite the latest pullback, which has allowed an overbought trend reading to unwind. Attention is on $79.48, the Apr 12 ‘24 high. Support to watch is the 20-day EMA, at $74.75.
  • Meanwhile, Henry Hub has fallen as freezing weather over the long weekend failed to significantly curb gas output, while forecasts expect temperatures to rise, and thus cut heating demand, next week.
  • US Natgas Feb 25 is down by 4.7% at $3.76/mmbtu.
  • Spot gold has risen by a further 1.3% to $2,743/oz today, its highest level since Nov 6, driven by the possibility of tariffs on US gold imports.
  • The yellow metal has pierced key short-term resistance at $2,726.2, the Dec 12 high, exposing $2,790.1, the Oct 31 all-time high.
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  • Crude futures have lost ground today as the market assesses the potential impact of the new US administration, with Trump promising to boost US production further.
  • WTI Feb 25 is down by 2.3% at $76.1/bbl.
  • US President Trump declared a “national energy emergency” to be able to increase domestic oil and gas production and reverse Biden’s climate change policies.
  • Trump also said that he planned to impose previously threatened tariffs of as much as 25% on Mexico and Canada by Feb 1.
  • Platts expects a tentative bullish effect on oil prices from these tariffs, due to increased freight costs amid expected oil trade reshuffling.
  • The trend structure in WTI futures remains bullish despite the latest pullback, which has allowed an overbought trend reading to unwind. Attention is on $79.48, the Apr 12 ‘24 high. Support to watch is the 20-day EMA, at $74.75.
  • Meanwhile, Henry Hub has fallen as freezing weather over the long weekend failed to significantly curb gas output, while forecasts expect temperatures to rise, and thus cut heating demand, next week.
  • US Natgas Feb 25 is down by 4.7% at $3.76/mmbtu.
  • Spot gold has risen by a further 1.3% to $2,743/oz today, its highest level since Nov 6, driven by the possibility of tariffs on US gold imports.
  • The yellow metal has pierced key short-term resistance at $2,726.2, the Dec 12 high, exposing $2,790.1, the Oct 31 all-time high.