EUROPEAN COMMODITIES UPDATE: Metals dented as the USD’s upside continues, crude comparably resilient
Analysis details (10:35)
- Crude benchmarks are flat, having pared a bulk of the APAC losses with the move coming in spite of the downside seen across the equity complex and a firmer USD. Specifically, the benchmarks are pivoting USD 77/bbl and USD 82.50/bbl for WTI and Brent respectively.
- Newsflow explicitly for the complex has been very limited, with incremental updates to the production levels in Azerbaijan and Nigeria and doorstep commentary from EU Ministers as they enter a council meeting. On the latter, ministers generally remain upbeat with Dutch PM Rutte explicitly looking for a breakthrough at Monday’s gathering of Energy representatives; ministers remain at odds over what level to set the gas price cap at, with the Commission’s proposal viewed as being unacceptably high by numerous nations.
- For metals, spot gold and silver are unable to benefit from any traditional haven allure as the USD continues to ramp up and the index above 104.40 at best. Pressure in the yellow metal has brought it below the 10- & 200-DMAs to a test of the 21-DMA, at USD 1788/oz. 1787/oz and 1771/oz respectively.
15 Dec 2022 - 10:30- MetalsEU Research- Source: Newsquawk
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