EUROPEAN COMMODITIES UPDATE: Crude continues to climb while Gas and XAU await geopolitical updates

WTI/Brent: +0.6%, +0.6%

• The crude complex remains supported after Monday’s buying, which saw WTI and Brent settle around USD 0.80/bbl higher after numerous catalysts aided the benchmarks. The latter, settling at the highest since late February.


• Aiding these moves, US President Trump announced 25% tariffs on countries buying Venezuelan oil, a country which produced 918k/bpd in February.


• Specifically, the US’s Chevron is one of the leading private oil companies in the South American nation, and the US issued a general license which authorises a wind-down of certain transactions related to Chevron’s Venezuelan JV through to May 27th.


• Elsewhere, in the middle east, the Israeli military said sirens sounded in several areas in Israel after a projectile was launched from Yemen, and a Houthi spokesperson said the group targeted US naval vessels in the Red Sea, an action which previously sparked a US shelling of the the militant group’s nation.

Dutch TTF: -0.7%

• TTF is lower by around 2%, owing to the “constructive” talks in Riyadh, which US and Ukrainian teams are set to be extending.


• The European benchmark trades within a EUR 41.40 to 42.65/MWh range, now approaching session lows, anticipating the fallout from the above talks.


• Most recently, a US White House source reportedly said talks are going “extremely well”, and they “expect to have a positive announcement in the near future”.

Gold: +0.4%

• Spot Gold has recouped some losses from overnight and is at a fresh session high of USD 3023/oz, seemingly benefiting from the tepid USD and US risk tone.


• However, the lead from the USD is likely only minimal with the DXY unchanged for much of the morning. More broadly, the complex awaits US data points, Fed speak and potentially more pertinently the fallout of Riyad talks between the US and Ukraine.

25 Mar 2025 - 10:05- EnergyGeopolitical- Source: Newsquawk