WTI Oil Is Attempting To Return Below $85
Following the release of the EIA Weekly Petroleum Status Report, which indicated that crude inventories fell by 5.4 million barrels from the previous week, WTI oil is trading near $85 per barrel. Analysts anticipated a reduction in crude supplies of 0.4 million barrels. The huge reduction in U.S. crude oil imports precipitated the unexpected decline in crude inventories.
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Total inventories of motor gasoline increased by 2.2 million barrels, while inventories of distillate fuel increased by 1.1 million barrels. The domestic oil output remained constant at 12,1 million barrels per day.
In the grand scheme of things, WTI oil continues to attempt to settle below the $85 mark. A successful test of this level might propel WTI oil to the $83.15 level, the next key support level.
Natural Gas Support Tested At $5.75
Natural gas encountered resistance at $6.20 and retreated to $5.75. Recent trading sessions have seen natural gas prices swing between $5.75 and $6.40, and the market requires more catalysts to break out of this trading range. Uncertainty around Freeport LNG remains a bearish market driver, which is tempered by cooler weather.
Gold Meets Opposition at $1785
Gold attempts to settle above the $1785 level of resistance as the U.S. dollar retreats versus a broad basket of currencies. Additionally, declining Treasury yields serve as a bullish impetus for gold markets.
Recently, silver attempted again to settle above the $22.00 mark, but lost impetus and retreated to $21.50. The $22.00 level of resistance has been tested repeatedly in recent trading sessions, demonstrating its power.
In the meantime, platinum retreated near $1020, while palladium fell towards $2070.
Copper declines as the market requires additional bullish catalysts. Copper markets remain under pressure as traders are unable to identify additional positive catalysts capable of pushing copper prices back to $4.00. Copper is currently attempting to settle below $3.75. Copper will move toward the next significant support level at $3.70 if this attempt succeeds.