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WTI Crude Futures Marginally Higher On Session

COMMODITIES
  • WTI is up marginally on the day but has erased some of the additional gains made across European trading hours. Further attacks in the Red Sea continue to weigh against concerns for near-term global demand growth. WTI MAR ‘24 is up 0.1% at 79.27$/bbl
  • Houthi rebels struck the Belize-flagged Rubymar in the Bab el-Mandeb Strait on Sunday, which the Houthis claimed, albeit unverified, that the attack resulted in the ship sinking.
  • Separately, Iraq will improve its compliance with OPEC+ output cuts after reviewing estimates of its production, Iraqi Oil Minister Hayyan Abdul Ghani said. OPEC+ is likely to extend some if not all oil production cuts into Q2 which would reduce the market surplus according to Energy Aspects last week.
  • For precious metals, spot gold edged higher once more, extending the recovery back above the $2,000/oz mark and further eating into the US CPI inspired decline on February 13.
  • Silver did not fare as well, declining 1.7%, although price remains closed to last Friday’s opening level around $23.00. Most recent gains appear to be corrective with initial key resistance to watch at $23.534, Jan 12 high. Clearance of this level would instead highlight a stronger reversal.
  • Elsewhere, both iron ore and copper are in the red, with Iron ore futures (on SGX) tumbling roughly 1.5%, with market participants weighing prospects for near-term demand in China, the world’s largest metals consumer.
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