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COMMODITIES: Steady Trends Ahead Of Key US Data

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Oil markets are tracking relatively steady in the first part of Tuesday trade, after losing some ground in Tuesday trade. Gold is likewise steady; copper is down a touch and iron ore is close to unchanged. Markets likely awaiting the key US CPI release later. 

  • The active Brent crude contract was last just under $80/bbl, while WTI was near $77.60/bbl. Brent lost 1.35% for Tuesday's session, while WTI lost slightly more, down 1.67%. The Wall Street Journal reported that President-elect Donald Trump is preparing a set of energy-related executive orders, to sign upon his inauguration on Jan 20, that would unwind Biden administration rules on offshore/onshore drilling on federal lands, tailpipe emissions, and LNG exports approval.
  • Still, an industry report hinted at a further draw down in US stockpiles, which may aid sentiment from a supply standpoint. This comes after the US sanctions move late last week. The trend structure in WTI futures remains bullish, with sights on $79.59, the Jul 5 ‘24 high. On the downside, a reversal lower would expose the 20-day EMA, at $73.16.
  • Gold is little changed, last near $2675/76. Recent highs near $2700 remain intact. Dips sub the 100-day MA (close to $2636) have been supported in recent weeks. 
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Oil markets are tracking relatively steady in the first part of Tuesday trade, after losing some ground in Tuesday trade. Gold is likewise steady; copper is down a touch and iron ore is close to unchanged. Markets likely awaiting the key US CPI release later. 

  • The active Brent crude contract was last just under $80/bbl, while WTI was near $77.60/bbl. Brent lost 1.35% for Tuesday's session, while WTI lost slightly more, down 1.67%. The Wall Street Journal reported that President-elect Donald Trump is preparing a set of energy-related executive orders, to sign upon his inauguration on Jan 20, that would unwind Biden administration rules on offshore/onshore drilling on federal lands, tailpipe emissions, and LNG exports approval.
  • Still, an industry report hinted at a further draw down in US stockpiles, which may aid sentiment from a supply standpoint. This comes after the US sanctions move late last week. The trend structure in WTI futures remains bullish, with sights on $79.59, the Jul 5 ‘24 high. On the downside, a reversal lower would expose the 20-day EMA, at $73.16.
  • Gold is little changed, last near $2675/76. Recent highs near $2700 remain intact. Dips sub the 100-day MA (close to $2636) have been supported in recent weeks.