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COMMODITIES: WTI Crude Edges Lower As OPEC+ Confirms Output Cut Extension

COMMODITIES
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  • WTI is headed for the close trading marginally lower on the day, despite OPEC+ confirming that it is delaying the 2.2m b/d voluntary cut unwind until April.
  • WTI Jan 25 is down by 0.1% at $68.4/bbl.
  • OPEC+ will extend additional voluntary adjustments of 2.2m b/d until the end of March 2025, before unwinding the output cuts gradually until the end of September 2026.
  • For WTI futures, attention remains on $65.74, the Oct 1 low. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high.
  • Meanwhile, spot gold has fallen by 0.8% to $2,629/oz on Thursday, unwinding gains from the previous two session, ahead of tomorrow’s US payrolls data.
  • Macquarie still thinks that gold has scope to push higher next year, likely hitting a record, as the Fed cuts rates and central banks continue purchases of the yellow metal.
  • Our technical analyst continues to note that the long-term trend condition for gold remains bullish, with resistance to watch at $2,721.4, the Nov 25 high. Key support to monitor is $2,536.9, the Nov 14 low.
  • Silver is also down by 0.4% at $31.2/oz, keeping the gold-silver ratio around its lowest level since Nov 20.
  • Silver has pierced the 50-day EMA, at $31.154. A clear break of the average would highlight a possible reversal, opening $33.125 next, the Nov 1 high.
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  • WTI is headed for the close trading marginally lower on the day, despite OPEC+ confirming that it is delaying the 2.2m b/d voluntary cut unwind until April.
  • WTI Jan 25 is down by 0.1% at $68.4/bbl.
  • OPEC+ will extend additional voluntary adjustments of 2.2m b/d until the end of March 2025, before unwinding the output cuts gradually until the end of September 2026.
  • For WTI futures, attention remains on $65.74, the Oct 1 low. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high.
  • Meanwhile, spot gold has fallen by 0.8% to $2,629/oz on Thursday, unwinding gains from the previous two session, ahead of tomorrow’s US payrolls data.
  • Macquarie still thinks that gold has scope to push higher next year, likely hitting a record, as the Fed cuts rates and central banks continue purchases of the yellow metal.
  • Our technical analyst continues to note that the long-term trend condition for gold remains bullish, with resistance to watch at $2,721.4, the Nov 25 high. Key support to monitor is $2,536.9, the Nov 14 low.
  • Silver is also down by 0.4% at $31.2/oz, keeping the gold-silver ratio around its lowest level since Nov 20.
  • Silver has pierced the 50-day EMA, at $31.154. A clear break of the average would highlight a possible reversal, opening $33.125 next, the Nov 1 high.