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WTI Futures Rise 1% As Market Continues To Weigh Middle-East Tensions

COMMODITIES
  • WTI has climbed to new intraday highs, continuing the steady rise since European afternoon trading. The market is weighing Middle East tensions and supply risks against concerns that the US rate cut outlook could be slower than previously anticipated. WTI APR 24 is up 1.1% at 77.89$/bbl.
  • Gains off the Feb 5 low still appear corrective at these levels. Key short-term resistance has been defined at $78.52, the Feb 16 high. Clearance of this level would be a bullish development.
  • Natural gas jumped on the day to its highest closing level since Feb. 12, driven by news of planned output cuts from producers in 2024. US Natgas MAR 24 is up 12.5% at 1.77$/mmbtu. Producers such as Chesapeak, Antero, and Comstock, are set to scale back their natural gas drilling operations.
  • A subdued session for the US dollar has translated into a very marginal adjustment for spot gold, which hovers mid-range around $2026/oz. Technically significant levels on the topside remain much further out. The yellow metal needs to clear resistance at $2065.5, the Feb 1 high, to reinstate a bullish theme.
  • Copper futures rose 0.32%, extending the run of consecutive daily advances to four. Price action also sees the recovery from the February lows extend to 5.68%.
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