Home Commodities The latest in commodity price trends

The latest in commodity price trends

43
0

Crude oil prices (CL=F, BZ=F) rise following escalations in Middle East conflicts, while gold futures (GC=F) have broken above $2,400. Yahoo Finance Senior Markets Reporter Jared Blikre joins the Morning Brief to highlight these commodities’ price action.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Luke Carberry Mogan.

Video Transcript

JARED BLIKRE: Let me find first where gold is standing, and we’re going to put our commodities heatmap on the interactive behind me. And by the way, in the upper left here is coffee. We don’t talk about some of the softs, and cocoa would go in that group. But we’ve really seen a lot of commodities just accelerate to the upside here. But what I’m looking for first is crude oil.

Now, this is a three-day look. Let me put it 5 day, and we can see how we are at the highs of the week. And in fact, we are at the highest since late last year, and this is mainly been a sideways consolidation. Things don’t get exciting until we punch above 95. That would be this resistance level here, but not there quite yet.

And here’s the news of the day– IEA is upgrading its demand forecast, and there’s lower demand they are expecting globally. Demand growth expected to be about 1.2 million barrels per day this year, next year falling to 1.1 million barrels per day, and that’s coming from a level about 2.3 last year. So we are definitely experiencing lower growth. Nevertheless, that total figure is supposed to be 105 million barrels a day. That’s a lot of oil right there.

Now, I also want to take a look at Gold. Gold is at another high. Let’s see if I can find GC equals F, and there we go. This is a two-year look, so you can really see the break to the upside here.

But I’ll just show you what has happened this week. The five-day looking gold, well, we saw a little bit of a slump on Wednesday, Tuesday and to Wednesday, and then it was just off to the races again. So nothing seemingly stopping gold as it heads for that next big number $2,500, perhaps.

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here