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Crude Oil and Gold Reverse Earlier Geopolitically Driven Increases

COMMODITIES
  • Crude futures have seen a day of two halves, first rising with risk from hightened Middle East tensions following attacks on shipping by Houthi rebels in Yemen before sharply sliding. Strong supplies from US and Russia are also likely acting as an offset to earlier strength.
  • OPEC+ plans to hold the next Joint Ministerial Monitoring Committee meeting (JMMC) in the first week of February, delegates told Bloomberg.
  • Maersk has again suspended all Red Sea transit with ships diverted around southern Africa in response to the latest Houthi attack.
  • Russia’s seaborne crude exports finished 2023 with a four-week average of 3.46m b/d, the highest since early November, according to Bloomberg.
  • WTI is -1.6% at $70.52 having pushed through support at $70.99 (Dec 18 low) after which lies $67.98 (Dec 13 low).
  • Brent is -1.3% at $76.05 off a low of $75.60 which pushed through $76.00 (Dec 18 low) to open $72.67 (Dec 13 low).
  • Gold is -0.1% at $2060.82 having come under increasing pressure and reversed earlier gains as the USD index gained strength through the session. It remains firmly above support at $2034.6 (20-day EMA).
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