Crude oil saw a significant uptick of 2.48% yesterday, settling at 6,742, as investors absorbed the International Energy Agency’s (IEA) latest oil market report, which painted a more optimistic picture for demand growth and highlighted disruptions in the Red Sea region. The IEA revised its demand growth forecasts upward for 2024 and reduced its projection for non-OPEC supply, bolstering market sentiment. Additionally, Russia’s expectation of increased crude oil exports due to unplanned refinery maintenance added further support to prices.
Natural Gas Gains After Data Showed That US Utilities Withdrew 9 Bcf From Storage.
Natural gas prices surged by 2.28% to settle at 143.3, bolstered by US utilities withdrawing a significant 9 billion cubic feet from storage, surpassing market expectations. This drawdown, coupled with CNX Resources’ reduction in well completions and gas production, contributed to a decline in US gas output by 6% over the past month. Companies like EQT and Chesapeake Energy intentionally curtailed production amid lower prices. However, despite production cuts, natural gas prices are expected to decrease for the second consecutive week due to an extended outage at Freeport train 3, hampering gas flow to LNG export facilities.
Copper experienced a marginal decline of -0.09% yesterday, settling at 752.2, as profit booking tempered earlier gains driven by supply concerns in China’s copper market. Reports of potential output reductions by China’s North Copper, amid tight supplies of copper concentrates and lower processing fees, initially buoyed prices. However, a consortium of Chinese copper smelters agreed to cut production, seeking to stabilize prices amidst recent losses. This move reflects the delicate balance between supply constraints and upcoming expansions in global copper smelting capacity. Mine disruptions and significant expansions in global smelting capacity have led to a shortage of copper ore, prompting China’s major smelters to adjust production plans, maintenance schedules, and project timelines.
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Asia FX falls, dollar at over 1-week high as hot inflation feeds Fed jitters.
Most Asian currencies fell on Friday, while the dollar hit an over one-week high as hotter-than-expected U.S. inflation data ramped up fears of any hawkish signals from a Federal Reserve meeting next week.
Markets were also antsy before central bank meetings in Japan and Australia next week, which are expected to potentially offer more hawkish signals to currency markets.
Crude oil saw a significant uptick of 2.48% yesterday, settling at 6,742, as investors absorbed the International Energy Agency’s (IEA) latest oil market report, which painted a more optimistic picture for demand growth and highlighted disruptions in the Red Sea region. The IEA revised its demand growth forecasts upward for 2024 and reduced its projection for non-OPEC supply, bolstering market sentiment. Additionally, Russia’s expectation of increased crude oil exports due to unplanned refinery maintenance added further support to prices.
Natural Gas Gains After Data Showed That US Utilities Withdrew 9 Bcf From Storage.
Natural gas prices surged by 2.28% to settle at 143.3, bolstered by US utilities withdrawing a significant 9 billion cubic feet from storage, surpassing market expectations. This drawdown, coupled with CNX Resources’ reduction in well completions and gas production, contributed to a decline in US gas output by 6% over the past month. Companies like EQT and Chesapeake Energy intentionally curtailed production amid lower prices. However, despite production cuts, natural gas prices are expected to decrease for the second consecutive week due to an extended outage at Freeport train 3, hampering gas flow to LNG export facilities.
Asia FX falls, dollar at over 1-week high as hot inflation feeds Fed jitters.
Most Asian currencies fell on Friday, while the dollar hit an over one-week high as hotter-than-expected U.S. inflation data ramped up fears of any hawkish signals from a Federal Reserve meeting next week.
Markets were also antsy before central bank meetings in Japan and Australia next week, which are expected to potentially offer more hawkish signals to currency markets.
Copper experienced a marginal decline of -0.09% yesterday, settling at 752.2, as profit booking tempered earlier gains driven by supply concerns in China’s copper market. Reports of potential output reductions by China’s North Copper, amid tight supplies of copper concentrates and lower processing fees, initially buoyed prices. However, a consortium of Chinese copper smelters agreed to cut production, seeking to stabilize prices amidst recent losses. This move reflects the delicate balance between supply constraints and upcoming expansions in global copper smelting capacity. Mine disruptions and significant expansions in global smelting capacity have led to a shortage of copper ore, prompting China’s major smelters to adjust production plans, maintenance schedules, and project timelines.
Oil prices edged lower on Friday but were on track to gain nearly 4% for the week as sharp declines in U.S. crude and fuel inventories, drone strikes on Russian refineries and a rise in energy demand forecasts buoyed prices.
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