Commodities

Short WTI Crude Oil: Persistent resistance above $72.2, signs of fatigue
November 06, 2024 04:17 PM AEDT| By Invezz
Oil prices steady as traders wait for more cues from US election results
November 05, 2024 06:42 PM AEDT| By InvezzOil 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
November 05, 2024 04:10 AM AEDT| By InvezzUS 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
November 05, 2024 03:18 AM AEDT| By InvezzThe 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
November 05, 2024 12:42 AM AEDT| By InvezzCocoa 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
November 04, 2024 04:37 PM AEDT| By InvezzThe 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?
November 02, 2024 09:09 PM AEDT| By InvezzThe 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
November 02, 2024 03:10 AM AEDT| By Invezz
Unexpected drop in US crude oil inventories: 500,000-barrel decline recorded last week
November 01, 2024 11:30 PM AEDT| By InvezzUS 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
November 01, 2024 05:46 PM AEDT| By InvezzGold 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
October 31, 2024 05:14 AM AEDT| By InvezzOil 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
October 31, 2024 04:54 AM AEDT| By InvezzEcopetrol, 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
October 31, 2024 04:48 AM AEDT| By InvezzThe 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
October 31, 2024 04:09 AM AEDT| By InvezzCommodity 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...

Gold price reaches new high, surpasses $2,800 per ounce; palladium continues its ascent
October 30, 2024 07:08 PM AEDT| By InvezzGold prices breached the $2,800 per ounce mark on Wednesday to hit a fresh record high as uncertainty over US elections and geopolitical tensions fueled safe-haven demand. “Against the backdrop of persistent geopolitical risks stemming fro...

US seeks up to 3 million barrels of crude oil to fill up strategic reserves
October 30, 2024 01:42 AM AEDT| By InvezzThe US on Monday said it is seeking up to 3 million barrels of crude oil to fill up its Strategic Petroleum Reserve (SPR), according to a Reuters report. The purchase will be made through May next year, and it will be for delivery at the Bryan...

Gold rises ahead of key US economic data; copper prices fall
October 29, 2024 07:17 PM AEDT| By InvezzGold prices rose on Tuesday ahead of the US Presidential election on November 5 and a string of key economic data releases later this week. Prices have come close to their record high earlier in the session as the traders shrug off easing geopolitica...

Dow, S&P 500 jump as tensions ease; Aaon gains, McDonald’s stages comeback
October 29, 2024 05:24 AM AEDT| By InvezzUS equity benchmarks jumped on Monday as traders waited for earnings results of megacap technology companies later this week. A cooling of geopolitical tensions in the Middle East and a sharp sell-off in the oil markets also boosted sentiments...

McDonald’s tests show E. coli outbreak not linked to beef patties
October 28, 2024 10:57 PM AEDT| By InvezzMcDonald’s on Sunday said that beef patties were not the source of E. Coli outbreak linked to Quarter Pounder hamburgers in the US. McDonald’s Chief Supply Chain Officer Cesar Pina said in a statement: We remain very confident that any co...
