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Stock Draw Drives Crude Rebound, Gold Steady Ahead of US CPI

COMMODITIES
  • WTI crude futures rose (WTI AUG 24 up 0.8% at 82.1$/bbl) following an unexpected draw in US crude stocks last week. This offsets the earlier weakness after the Texas energy industry came away fairly unscathed from Hurricane Beryl.
  • Recent gains reinforced bullish conditions, signalling scope for a continuation higher near-term. Moving average studies are in a bull-mode set-up too, highlighting a rising trend. Sights are on $85.27, the Apr 12 high and a bull trigger. Initial firm support to watch is $79.70, the 50-day EMA.
  • OPEC kept its 2024 global oil-demand growth forecast at 2.2mn bpd as well as its 2025 global oil-demand growth forecast at 1.8mn bpd.
  • For Natural Gas, Henry Hub traded lower at US close, driven by the lower US LNG feedgas flows due to Freeport LNG’s precautionary shutdown for Hurricane Beryl.
  • In precious metals, an unchanged dollar index ahead of tomorrow’s US CPI data kept adjustments for both spot gold and silver minimal on the session.
  • Gold traded higher last week, and the yellow metal pierced resistance at $2387.8, the Jun 7 high. This undermines a recent bearish theme, and a clear break would be a bullish development and open the key resistance at $2450.1, the May 20 high. Initial support to watch lies at the 50-day EMA, at 2327.8.
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  • WTI crude futures rose (WTI AUG 24 up 0.8% at 82.1$/bbl) following an unexpected draw in US crude stocks last week. This offsets the earlier weakness after the Texas energy industry came away fairly unscathed from Hurricane Beryl.
  • Recent gains reinforced bullish conditions, signalling scope for a continuation higher near-term. Moving average studies are in a bull-mode set-up too, highlighting a rising trend. Sights are on $85.27, the Apr 12 high and a bull trigger. Initial firm support to watch is $79.70, the 50-day EMA.
  • OPEC kept its 2024 global oil-demand growth forecast at 2.2mn bpd as well as its 2025 global oil-demand growth forecast at 1.8mn bpd.
  • For Natural Gas, Henry Hub traded lower at US close, driven by the lower US LNG feedgas flows due to Freeport LNG’s precautionary shutdown for Hurricane Beryl.
  • In precious metals, an unchanged dollar index ahead of tomorrow’s US CPI data kept adjustments for both spot gold and silver minimal on the session.
  • Gold traded higher last week, and the yellow metal pierced resistance at $2387.8, the Jun 7 high. This undermines a recent bearish theme, and a clear break would be a bullish development and open the key resistance at $2450.1, the May 20 high. Initial support to watch lies at the 50-day EMA, at 2327.8.