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Crude Spikes Amid WSJ Reports Regarding OPEC Cuts

COMMODITIES
  • Crude futures are nearing intraday highs as the US close approaches, with front-month WTI up 1.95% at typing. Prices spiked following headlines from the WSJ that OPEC is pondering production cuts of up to 1m b/d, pushing WTI towards its highest closing level since Nov. 14. OPEC+ is likely to rollover the existing output curbs but is considering additional production cuts up to 1m b/d, delegates told the WSJ Nov. 29.
  • The trend outlook in WTI futures is unchanged and remains bearish, with moving average studies in a bear-mode position, highlighting a downtrend. However, as we approach the OPEC+ meeting, prices have narrowed the gap to key resistance, which remains unchanged at $79.65, the Nov 14 high.
  • For Natural Gas, US Henry Hub has weakened on the day, despite some gains seen earlier in European hours, as strong domestic production and warmer weather put pressure on prices.
  • Precious metals have consolidated the impressive move higher on Tuesday, moderately extending their rising trend. Spot gold stands 0.28% higher on the session, having briefly eclipsed the 2050 mark and closing in on the yearly highs.
  • Unsurprisingly, the trend condition in gold remains bullish and this week’s strong rally reinforces this set-up. The clear break of resistance at $2009.4, the Nov 7 high, has confirmed a resumption of the uptrend and signals scope for an extension towards 2063.0, the May 4 high and a key resistance. Note the all-time high is at $2070.4 (Mar 8 ‘22).
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