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Crude Rises, Gold Declines Further

COMMODITIES
  • WTI is headed for close trading higher, supported by concerns of Middle East conflict escalation, stronger US services sector data and a cut in production at Libya's Sharara oilfield.
  • WTI Sep 24 is up 0.5% at $73.3/bbl.
  • The EIA has kept its forecast for global oil demand in 2024 stable at 102.9m b/d in its August Short Term Energy Outlook.
  • For WTI futures, sights remain on the next key support at $72.23, the Jun 4 low, which has recently been pierced. A clear break would open $70.73, the Feb 5 low.
  • Meanwhile, Henry Hub has extended its gains today as US close approaches. Front month is supported by a recovery in the global gas markets and continued warmer weather.
  • US Natgas Sep 24 is up 4.2% at $2.02/mmbtu.
  • Spot gold has fallen by another 0.7% today to $2,394/oz, leaving the yellow metal 3.4% down from last Friday’s high.
  • Commerzbank says that along with overblown expectations of Fed rate cuts, selling to compensate for losses in other assets may have also been behind gold’s recent weakness.
  • From a technical perspective, this recent weakness appears to be a correction, for now. However, a clear break of support at the 50-day EMA at $2,375.4 would signal scope for a deeper retracement towards $2277.4, the May 3 low.
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