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US President Trump: Tariff rates on Colombia will be announced tomorrow.1. International precious metal futures generally closed lower. COMEX gold futures fell 0.85% to $4,267.90/oz, a weekly gain of 6.69%; COMEX silver futures fell 5.01% to $50.63/oz, a weekly gain of 7.15%. Federal Reserve officials reinforced expectations of rate cuts, while cautious stances by European and American central banks boosted golds safe-haven appeal. Uncertainty surrounding the US government shutdown drove capital flows into precious metals. 2. The most active US crude oil contract closed up 0.46% at $57.25/barrel, a weekly loss of 2.80%. The most active Brent crude oil contract rose 0.46% to $61.34/barrel, a weekly loss of 2.22%. Preliminary plans indicate that Angolas crude oil loadings for December will be lower than originally planned for November. Anticipated supply contraction is supporting rising oil prices. 3. Most base metals prices fell in London. LME tin futures fell 2.07% to $35,030/ton, a weekly decline of 3.16%; LME nickel futures fell 1.03% to $15,110/ton, a weekly decline of 1.11%; LME zinc futures fell 1.03% to $2,942.50/ton, a weekly decline of 1.97%; LME copper futures fell 0.38% to $10,607/ton, a weekly increase of 0.85%; LME aluminum futures fell 0.36% to $2,778.50/ton, a weekly increase of 1.11%; and LME lead futures rose 0.31% to $1,971.50/ton, a weekly decline of 2.43%. 4. All three major U.S. stock indices closed higher, with the Dow Jones Industrial Average up 0.52%, the S&P 500 up 0.53%, and the Nasdaq up 0.52%. American Express rose over 7%, and Apple rose nearly 2%, leading the Dow higher. The Wind US Tech 7 Index rose 0.86%, with Tesla up over 2% and Nvidia up 0.79%. Most Chinese concept stocks rose, with Futu Holdings up over 4% and Pony.ai down over 5%. For the week, the Dow Jones Industrial Average rose 1.56%, the S&P 500 rose 1.7%, and the Nasdaq rose 2.14%. 5. Europes three major stock indices closed lower, with Germanys DAX down 1.61%, Frances CAC 40 down 0.18%, and the UKs FTSE 100 down 0.86%. For the week, Germanys DAX fell 1.49%, Frances CAC 40 rose 3.24%, and the UKs FTSE 100 fell 0.77%. 6. US Treasury yields rose across the board, with the 2-year up 4.77 basis points, the 3-year up 4.96 basis points, the 5-year up 5.19 basis points, the 10-year up 4 basis points, and the 30-year up 2.66 basis points.US Vice President Vance: US President Trump has not yet decided to provide Tomahawk missiles to Ukraine.The UK Rightmove average house asking price index fell by -0.1% year-on-year in October, compared with -0.10% in the previous month.The UK Rightmove average house asking price index rose by 0.3% month-on-month in October, compared with 0.40% in the previous month.

WTI sellers assault $87.00 as US President Biden contests OPEC+ ruling

Daniel Rogers

Oct 12, 2022 14:29

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WTI remains below the $87.00 support level as US President Biden expresses his displeasure with the decision by the Organization of the Petroleum Exporting Countries and its allies, including Russia, known collectively as OPEC+. Nevertheless, the bears remain cautious at the weekly low throughout the Asian session on Wednesday.

 

Reuters reported that US Vice President Joe Biden stated on Tuesday that "there will be consequences" for US-Saudi ties following OPEC+'s announcement last week that it will reduce oil production against US concerns. The news further reported that Biden's remark occurred a day after the influential Democratic senator Bob Menendez, chairman of the Senate Foreign Relations Committee, stated that the United States must immediately halt any cooperation with Saudi Arabia, including military sales. Notable is the fact that OPEC+ startled markets by declaring a two million-barrel-per-day output cut last week.

 

In addition to the OPEC+-agreed-upon supply cutbacks, the risk-aversion wave and the strengthening US Dollar Index (DXY) further weigh on commodities prices.

 

In spite of this, the DXY re-establishes a two-week high above 113.50 as higher US Treasury yields and hawkish Fed bets keep dollar investors optimistic ahead of today's Federal Open Market Committee (FOMC) Meeting Minutes.

 

The International Monetary Fund's (IMF) most recent economic forecasts may also impose downward pressure on the price of black gold. Tuesday, the IMF dropped its global economic growth forecast for 2023 from 2.9% in July to 2.7%, citing pressures from rising energy and food prices and interest rate hikes as the primary reasons for the change. Notable is that the Washington-based institute maintained its 3.2% growth prediction for 2022, compared to 6.0% for 2021.

 

In conclusion, the risk-averse sentiment and optimism for an easing of the supply constraint weigh on the price of black gold prior to the private weekly inventory data from the American Petroleum Institute (API), which was previously -1.77M.


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