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WTI Crude Futures Set To Post Highest Close Since November

COMMODITIES
  • WTI has softened from its intraday highs but remains on track for its highest close since early November. A lower-than-expected build in US crude stocks and Red Sea tensions have supported prices. WTI (APR 24) is up 0.8% at 78.57$/bbl.
  • Houthi Leader Says Group Is Looking To 'Escalate' Red Sea Operations: Following earlier reports regarding an attack on a vessel in the Gulf of Aden.
  • Key short-term resistance has been pierced at $78.52, the Feb 16 high - and a sustained clearance of this level would be a bullish development.
  • For precious metals, the initial greenback weakness saw spot gold rise to $2035/oz before moderating into the close and remaining close to unchanged on the session.
  • Investors are currently dramatically under positioned for a Fed cutting cycle and "we still expect gold prices to rally quite notably into the second quarter of this year", said a commodity strategist at TD Securities.
  • Gold traded lower into mid-month, but is building well off lows and today pierced the 50-dma of $2031.71. Clearance here and above the Feb 1 high of $2065.50 would be required to reinstate a bullish theme, with the mid-month weakness proving corrective in nature.
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