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WTI Crude Rises, Silver Approaches 11-Year High

COMMODITIES
  • Oil markets are headed for US close trading higher, driven by expectations that OPEC+ will rollover voluntary cuts and keep a lid on supply.
  • WTI Jul 24 is up 1.4% at $79.7/bbl.
  • WTI futures are trading inside a range. A bearish theme remains intact and the sideways move is seen as a pause in the downtrend.
  • Scope is seen for a move to $75.64, the Mar 11 low. Initial resistance to watch is at $80.11, the May 20 high. Key resistance and the bull trigger is at $86.16, the Apr 12 high.
  • Henry Hub is headed for US close with robust gains on the day. Two-month high LNG feedgas export flows and a likely rise in upcoming cooling demand across the US will be supportive.
  • US Natgas Jun 24 is up 2.1% at $2.58/mmbtu.
  • Spot gold has edged up by 0.1% to $2,353/oz Tuesday.
  • The trend structure remains bullish and the move down from last week’s highs appears to be a correction. A resumption of gains would open $2452.5 next, a Fibonacci projection. The 50-day EMA, at $2,304.0, represents a key support.
  • Silver is outperforming and is up by 0.6% at $31.8/oz, bringing the precious metal close to last week’s 11-year high of $32.5.
  • A break of this level would open $33.887 next, a Fibonacci projection.
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