EUROPEAN COMMODITY UPDATE: Crude climbs as China continues to ease COVID controls
Analysis details (10:35)
- WTI and Brent Feb’23 have managed to claw out incremental WTD peaks at USD 79.77/bbl and USD 83.66/bbl respectively, as the DXY continues to languish around and below 104.00, with the complex also benefitting from the limited macro updates. On this, Bloomberg reports that China is to cut quarantine requirements for overseas travellers as of January; while this has been heavily touted throughout the week, the newsflow spurred the benchmarks to their above highs. Elsewhere, broader macro catalysts have been slim and essentially non-existent for the crude space explicitly.
- In terms of metals, spot gold has been unable to benefit from the Dollar’s downside and remains towards the lower-end of tight USD 1813-1820/oz parameters while silver has slipped slightly to below the USD 24/oz mark in otherwise quiet trade. Despite the move in crude, base metals have been unable to benefit from the COVID update, with LME Copper modestly softer on the session.
22 Dec 2022 - 10:30- Research Sheet- Source: Newsquawk
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