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COMMODITIES: WTI Rises Above $80, Precious Metals Rally Further

COMMODITIES
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  • WTI has broken the $80/bbl level today, supported by the drawdown in US crude stockpiles as well as the IEA’s downward revision for the 2025 oil supply surplus. A weaker USD following softer US CPI data is also bullish.
  • WTI Feb 25 is up by 3.5% at $80.2/bbl.
  • The IEA expects global oil inventories to grow by 725,000 bpd in 2025, compared to 950,000 bpd previously.
  • Meanwhile, the US Energy Department is “quite likely” to refill the depleted SPR under the incoming Trump administration, according to Chris Wright, Trump’s nominee for Energy Secretary.
  • WTI futures have pierced $80.14, the Apr 12 ’24 high and a key medium-term resistance. Next resistance is at $80.60, the 3.00 projection of the Nov 18 - 22 - Dec 6 price swing.
  • Spot gold has risen by 0.6% today to $2,694/oz, benefitting from the round of slightly-softer-than-expected core and supercore US CPI figures.
  • The recovery in gold opens $2,726.2, the Dec 12 high and an important resistance. Clearance of this level would be a bullish development.
  • Meanwhile, silver is outperforming and has risen by 2.6% to $30.7/oz
  • Key resistance has been defined at $32.338, the Dec 12 high.
  • Copper has also rallied by 1.3% to $440/lb, the highest level since Nov 8.
  • The move through key short-term resistance at $433.50, the Dec 12 high, opens $452.85, the Nov 5 ‘24 high and a key resistance.
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  • WTI has broken the $80/bbl level today, supported by the drawdown in US crude stockpiles as well as the IEA’s downward revision for the 2025 oil supply surplus. A weaker USD following softer US CPI data is also bullish.
  • WTI Feb 25 is up by 3.5% at $80.2/bbl.
  • The IEA expects global oil inventories to grow by 725,000 bpd in 2025, compared to 950,000 bpd previously.
  • Meanwhile, the US Energy Department is “quite likely” to refill the depleted SPR under the incoming Trump administration, according to Chris Wright, Trump’s nominee for Energy Secretary.
  • WTI futures have pierced $80.14, the Apr 12 ’24 high and a key medium-term resistance. Next resistance is at $80.60, the 3.00 projection of the Nov 18 - 22 - Dec 6 price swing.
  • Spot gold has risen by 0.6% today to $2,694/oz, benefitting from the round of slightly-softer-than-expected core and supercore US CPI figures.
  • The recovery in gold opens $2,726.2, the Dec 12 high and an important resistance. Clearance of this level would be a bullish development.
  • Meanwhile, silver is outperforming and has risen by 2.6% to $30.7/oz
  • Key resistance has been defined at $32.338, the Dec 12 high.
  • Copper has also rallied by 1.3% to $440/lb, the highest level since Nov 8.
  • The move through key short-term resistance at $433.50, the Dec 12 high, opens $452.85, the Nov 5 ‘24 high and a key resistance.