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Crude Supported By Continued Red Sea Fallout, Gold Boosted By USD Slipping

COMMODITIES
  • Crude prices are approaching the US close trading solidly higher on the day, supported by a weakening in the US dollar and continued concerns over freight disruptions in the Red Sea.
  • It pushes prices back towards yesterday’s highs as several companies shipping energy products have announced to pause shipments via the Red Sea, including Equinor and BP, sparking fears for supply passing through the Suez Canal.
  • The US has put together a new naval task force to patrol the troubled area and protect commercial vessels, potentially taking weeks to be put in place according to Maersk. The Houthis warned the US they will be legitimate targets if they interfere in its ongoing operations against Israel-linked vessels.
  • A new OPEC+ meeting is possible in the near future for the group to discuss the market situation but currently there is no need for new decisions, Russia Dep. PM Novak said, cited by Interfax.
  • WTI is +1.3% at $73.44, with resistance seen at yesterday’s high of $74.61.
  • Brent is +1.8% at $79.34, having peaked at $79.67 to push above yesterday’s high of $79.51 and open $80.65 (50-day EMA).
  • Gold is +0.6% at $2039.48, gaining directly along with the drop in the USD index. An intraday high of $2046.97 saw it come close to last week’s highs after which lies resistance at $2054.3 (50% retrace of Dec 4-13 bear leg).
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