Key commodities are seeing some negative price action on Wednesday, putting a damper on recent rallies. Yahoo Finance Senior Markets Reporter Jared Blikre joins the Morning Brief to break down the latest movements in the commodity market for crude oil (CL=F, BZ=F) and precious metals gold (GC=F) and copper (HG=F).
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This post was written by Nicholas Jacobino and Luke Carberry Mogan.
Video Transcript
Jared Booker standing by with a closer look at some of the other movement that we are seeing right here at the Open in commodities markets.
Jared, That’s right.
We’re seeing kind of a mixed board.
I’m going to put the Wi Fi interactive heat map for commodities behind me.
You can see copper is actually the worst off here.
I’ll get to that in a second.
But first, let me talk about crude oil.
WT I and Brent, for that matter too, have really traded in a pretty tight trading range over the last few weeks to a month.
This is the overnight action.
But let me just show you the year to date.
And there you can see Uh, basically, during the month of May, we’ve had a very, very low volatility.
It looks like it wants me to talk about gold, but we’ll get to that in a second.
So pretty low volatility.
But we are on track for the lowest close since about March, so that could generate some headlines.
Everybody waiting to see what OPEC plus is going to do in the next couple of weeks.
Are they going to make production cuts?
The problem with oil, at least if you’re an oil bowl.
If you’re not an oil bowl, maybe you don’t like high prices.
But the problem with oil is that the producers have been able to come online and provide more supply in the US and abroad pretty easily whenever there seems to be a deficit.
Even the minor geopolitical skirmishes that we’ve had and the major ones have not put a dent really that big a dent in oil prices or should they haven’t got them higher.
So here’s copper futures.
I mentioned this red candle right here that is the biggest drop in a year, but still very close to these record highs.
Looks like the short squeeze is easing, but we’ve also seen copper futures abroad in London exchange.
Those have been pretty strong as well.
I do have time for gold.
Let’s go back to that.
And we can see gold just kind of trading in a very small range by the top end.
And those are record highs from just a couple of days ago.
Pretty much the same case for silver
