EUROPEAN COMMODITIES UPDATE: Caged trade in the run-up to top-tier data
Analysis details (10:35)
- WTI and Brent front-month futures hold a positive bias amid the softer Dollar and constructive risk tone in the run-up to US CPI. Yesterday oil prices found sympathy with the global energy bid despite mixed US inventory data, with prices running near highs ahead of the EIA inventory data. There hasn’t been much by way of crude-specific news, but some sectoral support may be felt with the recent rise in LNG prices, with reports potential strikes at three major liquefied natural gas facilities in Australia could disrupt about 10% of global, with the scope for energy price shocks across Europe and Asia – driving European Nat Gas higher by 40% intraday at one point yesterday, although prices have come off highs as firms work to avert this risk. Nonetheless, WTI trade north of USD 84.50/bbl in a USD 84.11-84.89/bbl range, while Brent sits at around USD 87.80/bbl at the time of writing (in a USD 87.29-88.10/bbl range).
- Spot gold is modestly firmer amid the softer Dollar but price action is limited ahead of the US CPI report – with the current intraday range between 1,9414.91-21.31/oz. Downside levels include the 10th July low at 1,912/oz while upside levels include yesterday’s 1,932.40/oz peak. Base metals also tilt positive, but again with price action caged before the tier 1 US data. 3M LME copper remains under USD 8,500/t in a USD 8,390-450/t range.
10 Aug 2023 - 10:35- MetalsData- Source: Newsquawk
Subscribe Now to Newsquawk
Click here for a 1 week free trial
Newsquawk provides audio news and commentary for over 15,000professional traders and brokers worldwide. Services include:
- Real-time audio coverage from 0630 to 2200 London time plus Asia-Pac 2200 to 1000 London time
- Teams of analysts covering equities, fixed income, FX, energy, and metals markets
- Real-time scrolling news service with instant analysis
- Daily and weekly pre-market research and calendars
- Video updates covering near-term key risk events & primary trading themes
- One-to-one chat with our expert analysts