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Stronger Dollar Weighs On Oil, Gold

COMMODITIES
  • Crude prices are down on the day but are broadly flat on the week. Support has come from Mideast tensions and attacks on Russian oil refineries, although the upside has been capped by a stronger US dollar.
  • WTI is down 0.5% on the day at $80.7/bbl.
  • For WTI futures, the bull theme remains intact, with sights on $83.87 next, the Oct 20 ‘23 high. Support to watch is $79.27, the 20-day EMA.
  • Henry Hub is also trading lower today but holding rangebound on the week, amid continued lower LNG feedgas flows and milder weather.
  • US natural gas APR 24 is 1.9% lower on Friday at $1.65/mmbtu.
  • Meanwhile, spot gold is down 0.9% on the day to $2,162/oz, leaving the yellow metal around 2.6% off the all-time high reached on the open Thursday. Over the week as a whole, gold is set for a marginal 0.3% gain.
  • Copper also traded lower Friday, declining 1.3% to $400.6/lb, taking the loss over the week to 2.9%. Analysts note that seasonal demand in China is lagging, while the stronger dollar also weighed on the metal.
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