EUROPEAN COMMODITIES UPDATE: Uneventful trade across the complex with developments sparse thus far

Analysis details (09:10)

• WTI and Brent January futures trade horizontally but show a mismatch in intraday price changes amid the lack of settlement yesterday due to the US Thanksgiving holiday. The former resides around USD 76.50/bbl (in a 76.19-80/bbl APAC range), while its Brent counterpart sits just under USD 81.34/bbl (in a USD 81.20-80 APAC range). News flow and volumes remain light for the market amid the US holiday yesterday and the early Wall Street closure today, with oil traders setting focus on OPEC+ deliberations ahead of the delayed 30th November confab, with recent reports suggesting OPEC and its African members are moving closer towards a compromise, whilst Energy Intel suggested they have not heard of any updates since.


• Elsewhere, in geopolitics, a four-day truce in the Israel-Hamas war took effect at 7:00 am local time (05:00 GMT) on Friday, with hostages held in the Gaza Strip set to be released later in the day in exchange for Palestinian prisoners, according to AFP. Although eyes remain on whether both sides adhere to the terms, with Arabic press Al Jazeera reporting "3 Palestinians injured in IDF shooting at civilians trying to return to the northern Gaza Strip", while Israeli military sounded sirens in two villages near Gaza warning of possible rocket launches despite the touted start of the truce. Ahead, there is little on the schedule but headline risks from geopolitics and potential OPEC+ sources remain against the backdrop of holiday-thinned volumes.


• Over to metals, spot gold is flat intraday under USD 2,000/oz amid an uneventful Dollar, with the yellow metal contained within yesterday’s USD 1,989.86-98.59/oz parameter. Spot silver is subdued under USD 24/oz with volatility minimal. Base metals are relatively uneventful amid the non-committal tone across the markets with 3M LME copper towards the middle of a USD 8,386.50-8,431.50 range, as the red metal heads for a second consecutive week of gains, underpinned by the raft of Chinese stimulus measures.

24 Nov 2023 - 09:10- MetalsEU Research- Source: Newsquawk