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Weaker Greenback Supports Both Crude Futures and Precious Metals

COMMODITIES
  • Crude markets are finishing the day stronger, boosted by a weakening in the US dollar with front month WTI up around 1.9% at 78.08$/bbl. Focus remains on headlines from the middle east where most recently wires carried comments from Houthi leader Abdul Malik al-Houthi stating that "We will continue our operations as long as Israel continues its crimes."
  • Separately, Global oil demand growth is forecast to rise by 1.2mbpd, unchanged from last month’s report, according to the IEA Monthly Oil Market Report.
  • Recent gains in WTI futures, since Feb 5, appears to be a correction - for now. Key short-term resistance has been defined at $79.29, the Jan 29 high. Clearance of this level would be a bullish development.
  • For natural gas, Henry Hub has continued its downtrend amid additional pressure from below-expectation storage draw. Front-month remains at a seven-month low, down -1.4% on Thursday at 1.59$/mmbtu.
  • The weaker greenback helped precious metals climb, although silver (+2.34%) has outpaced the advance for gold (+0.57%) on Thursday.
  • Technical conditions for spot gold may be limiting the advance, following the prior breach this week of $2001.9, the Jan 17 low and a key short-term support. The breach highlights a resumption of the bear leg that started Dec 28. A continuation lower would open $1973.2, the Dec 13 low and the next key support. On the upside, the yellow metal would need to clear resistance at $2065.5, the Feb 1 high, to reinstate a bullish theme.
Energy BulletsCommodities
Energy BulletsCommodities

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