EUROPEAN COMMODITIES UPDATE: Crude benchmarks pull back after Tuesday’s gains, XAU remains rangebound

Crude Oil: WTI/ Brent -0.7%

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  Crude benchmarks grinded lower throughout the APAC session and have continued to move lower as the European session gets underway, despite the IEA releasing a report indicative of oil demand growth. After closing +1.6% in Tuesday’s session, WTI and Brent initially c. USD 0.50/bbl to a trough of USD 60.54/bbl and 64.71/bbl, respectively, as the market awaits reports from the EIA and OPEC.


• IEA released its annual energy outlook, in which it stated that the market looks well-supplied in the near term and expects oil consumption to rise 13% by 2050. The stronger outlook hinges on a drop in demand for EV cars, stating that sales will plateau after 2035, and that recent policies by the US administration will attack renewable energy sources and hence increase the need for fossil fuels.


• Most recently, Tass reported that Russia is prepared to continue talks with Ukraine in Istanbul. While there was no significant price action at the time, the complex has continued lower to USD 60.41/bbl and USD 64.30/bbl, respectively.


• Later today, the EIA and OPEC are expected to release their monthly oil reports. In its prior report, EIA raised its 2025 demand forecast and its view on global oil production, while OPEC maintained its 2025 and 2026 oil demand forecasts.

Precious Metals: XAU U/C, XAG +1.0%

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  Spot XAU continues to oscillate within Tuesday’s USD 4097-4149/oz band as the market awaits a flurry of Fed speakers that could hint of the direction of travel for rates. After peaking at USD 4145/oz, XAU fell lower as it was weighed on by a stronger dollar and the generally constructive risk tone. The yellow metal troughed just shy of Tuesday’s low before rebounding back higher and currently trading at USD 4125/oz.

Base Metals: 3M LME Copper -0.1%

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  Base metals remains rangebound as the market waits for a fresh specific catalyst and having struggled to make any headway overnight amid an indecisive APAC sessions. Currently, 3M LME Copper is oscillating in a tight USD 10.79k-10.86k/t band despite the positive risk tone across Europe and stateside.

12 Nov 2025 - 10:00- MetalsEU Research- Source: Newsquawk