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Fourth Session of Higher Highs for WTI Crude

COMMODITIES
  • Oil markets remain solid, with both WTI and Brent crude futures holding close to the week's best levels and printing a fourth consecutive session of higher highs and higher lows. This keeps the bull trend intact despite a very modest edge off the overnight highs in recent trade.
  • Natural gas markets have extended recent volatility, with European and UK natural gas benchmarks surging further still. The UK day ahead natural gas price is now higher by over 500% year-to-date, while the Dutch benchmark touched a gain of over 700% since January 1st. The supply crunch over winter remains a key focus for markets, with prices expected to remain distressed in the coming months.
  • Gold and silver prices sit in negative territory, keeping the outlook for gold bearish for now. This follows last week's move lower and extension of the bear phase that has been in place since Sep 3. A break of $1721.7, Sep 29 low would confirm a resumption of weakness and open key support at $1690.6, Aug 9 low.
Energy BulletsCommodities
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