Commodities

Gold rally fades, silver shines: is it time to switch metals?

The sharp fall in gold prices on Wednesday could mean that the rally seen in recent months is tapering off.  After the decisive election outcome in the US, gold prices have scaled back below $2,700 per ounce.  The swift and decisive outcome...

US oil exports plunge over 1.4 million barrels, inventories rise

Crude oil inventories in the US rose more than expected in the week ended November as gasoline and distillate stocks also increased sharply.  According to the US Energy Information Administration’s (EIA) report, crude oil inventories in the coun...

Long Gold: Key support at $2,654 holds, indicating potential upside after Post-election drop

Why commodities are falling after Trump’s election victory

Commodities from precious metals to industrial metals and grains slipped on Wednesday as the dollar surged after Republican Donald Trump secured a win in the US elections.  Donald Trump secured victory in the 2024 US presidential election, defea...

Oil prices slip as dollar firm; a Trump win could be bearish in long term

Oil prices slipped more than 1% on Wednesday as the dollar surged on bets that Republican Donald Trump could win the Presidential elections.  However, the contest remains too close to call, according to reports.  A stronger dollar makes com...

Short Natural Gas: Lower highs, sustained weakness below $2.800 signals bearish momentum

Short WTI Crude Oil: Persistent resistance above $72.2, signs of fatigue

Oil prices steady as traders wait for more cues from US election results

Oil prices traded flat on Tuesday as traders waited cautiously for the outcome of the US Presidential election later in the day.  Oil prices had climbed sharply on Monday after the Organization of the Petroleum Exporting Countries and allies ext...

Dow Jones, S&P 500 slip ahead of US elections; NVIDIA, Viking Therapeutics rise while Talen Energy declines

US stocks slumped on Monday as investors eagerly waited for the outcome of the US Presidential election on Tuesday. At the time of writing, the Dow Jones Industrial Average slid 175 points, or 0.4%, while the S&P 500 index dropped 0.2%. The Nasda...

OPEC chief remains bullish on oil demand, claims market is too pessimistic

The head of the Organization of the Petroleum Exporting Countries and allies downplayed forecasts of lower crude demand in the coming year, saying there was too much pessimism in the market, CNBC reported on Monday.  “Well, for OPEC, we have dem...

Farmers and traders hoard cocoa beans in Ghana, anticipating a price hike

Cocoa farmers in Ghana are hoarding beans in anticipation of higher prices, limiting supplies, Reuters reported on Monday.  The global cocoa market has been looking to recover from last year’s poor harvests.  According to the report, farmer...

OPEC+ extends voluntary output cuts till December end; oil prices climb

The Organization of the Petroleum Exporting Countries and allies on Sunday agreed to extend the voluntary production cut of oil by another month till the end of December.  Eight members of OPEC+, Saudi Arabia, Russia, Iraq, the United Arab Emira...

OPEC+ in a pickle: should the cartel increase oil output?

The Organization of the Petroleum Exporting Countries and allies are in a dilemma with its decision to increase oil output from December.  OPEC+ and Saudi Arabia are scheduled to increase production by 180,000 barrels per day from December as pa...

Short Silver: Breaks below key support at $33.30, downward momentum intensifies

Unexpected drop in US crude oil inventories: 500,000-barrel decline recorded last week

US crude oil inventories  fell unexpectedly by 500,000 barrels in the week ended October 25, according to data from the Energy Information Administration (EIA).  Oil inventories stood at 425.5 million barrels in the US, and were about 4% be...

Gold rises on safe-haven demand as copper prices plunge in October

Gold prices recouped some of Thursday’s losses and remained near record levels due to increased safe-haven demand ahead of US elections next week.  The political uncertainty surrounding the outcome of next week’s elections has spurred haven dema...

Oil surges as OPEC considers delaying December supply boost

Oil prices regained some ground on Wednesday after a report claimed that the Organization of the Petroleum Exporting Countries and allies may delay the planned increase in production in December.  Reuters reported, quoting three unnamed sources,...

Colombia’s Ecopetrol pauses drilling at Komodo-1 well over environmental license issues

Ecopetrol, Colombia’s state-run energy corporation, stated on Tuesday that it will temporarily cease activities at the Komodo-1 well in the Caribbean Sea. This decision comes as the corporation faces doubts regarding its environmental licensing...

US election spotlight: Donald Trump and Kamala Harris clash on energy and climate policies

The oil market may employ a wait and watch approach when the dust settles and the votes are counted in the 2024 US Presidential election next week.  Experts believe it is not possible to make a clear statement as to whether a second presidency f...

Trafigura faces $1.1 billion loss after alleged fraud in Mongolian oil business

Commodity trading giant Trafigura Group is preparing to absorb a $1.1 billion financial hit following what it believes to be fraudulent activities in its Mongolian operations, Bloomberg reported. The discovery, which has led to employee suspensions a...