May 29, 2024 18:37 GMT
WTI Crude Falls On Dollar Strength
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- WTI is headed for the US close trading lower and having erased most of yesterday's gains. Downward pressure comes from a stronger USD driven by higher treasury yields and fears of ‘higher-for-longer’ US interest rates.
- WTI Jul 24 is down 0.7% at $79.3/bbl.
- Henry Hub is on track for its lowest close since May 15, with expectations of slightly cooler weather, higher production, and healthy US storage levels adding downside pressure.
- US Natgas Jun 24 is down 5.1% at $2.46/mmbtu.
- Meanwhile, spot gold is down by 0.9% to $2,341/oz, as the precious metal consolidates after hitting an all-time high of $2,450 last week.
- The medium-term trend structure remains bullish and a resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2305.8, represents a key support.
- In contrast, silver has edged up by 0.1% today to $32.1/oz, within sight of last week’s 11-year high at $32.5.
- As noted, a break of this level would open $33.887 next, a Fibonacci projection.
- Copper is down by 1.3% at $479/lb.
- Following recent swings in the copper price, analysts note that with physical markets still tight, further squeezes are possible.
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