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COMMODITY TECHS: Oil Slips Lower on Trump OPEC Remarks, Gold Steady

COMMODITIES
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  • Crude futures look likely to close lower on the session, having taken a sharp knock following Trump’s speech at Davos where he called on OPEC to lower oil prices. WTI March ‘25 is currently down 1% at 74.67$/bbl.
  • Trump said that he would ask Saudi Arabia and other OPEC members to “bring down the cost of oil,” predicting that action by the bloc could decrease inflation and allow for the reduction of interest rates.
  • Liam Denning notes that President Trump’s threat of sweeping tariffs against Canada fits with his desire for US “energy dominance” in theory. In practice, the drive for dominance has relied heavily on Canadian oil.
  • Tighter global supply concerns due to sanctions on Russia and Iran are still providing support as Asian buyers look to non-sanctioned Middle East barrels and driving up shipping costs. Some Asian refineries are looking to reduce output due to narrower margins.
  • Natural Gas (Henry Hub) is headed for the close trading lower today. Front month has been losing ground in the US afternoon following a below-expectation, albeit above-average, draw in US natural gas inventories.
  • For precious metals, gold trades close to unchanged on Thursday, having mirrored the broader price action for the dollar. However, the yellow metal has breached resistance this week at 2726.2, the Dec 12 high and a key short-term resistance. The clear break of this hurdle strengthens a bullish theme and signals scope for an extension near-term. Sights are on $2790.1, the Oct 31 all-time high.
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  • Crude futures look likely to close lower on the session, having taken a sharp knock following Trump’s speech at Davos where he called on OPEC to lower oil prices. WTI March ‘25 is currently down 1% at 74.67$/bbl.
  • Trump said that he would ask Saudi Arabia and other OPEC members to “bring down the cost of oil,” predicting that action by the bloc could decrease inflation and allow for the reduction of interest rates.
  • Liam Denning notes that President Trump’s threat of sweeping tariffs against Canada fits with his desire for US “energy dominance” in theory. In practice, the drive for dominance has relied heavily on Canadian oil.
  • Tighter global supply concerns due to sanctions on Russia and Iran are still providing support as Asian buyers look to non-sanctioned Middle East barrels and driving up shipping costs. Some Asian refineries are looking to reduce output due to narrower margins.
  • Natural Gas (Henry Hub) is headed for the close trading lower today. Front month has been losing ground in the US afternoon following a below-expectation, albeit above-average, draw in US natural gas inventories.
  • For precious metals, gold trades close to unchanged on Thursday, having mirrored the broader price action for the dollar. However, the yellow metal has breached resistance this week at 2726.2, the Dec 12 high and a key short-term resistance. The clear break of this hurdle strengthens a bullish theme and signals scope for an extension near-term. Sights are on $2790.1, the Oct 31 all-time high.