[MARKET ANALYSIS] Crude choppy with specifics light. XAU at another ATH
Newsquawk Staff ·
- Crude on the backfoot but only marginally so. Spent the APAC session in a narrow range with complex-specific newsflow somewhat light as the market focus remains on Greenland and the tariffs stemming from it.
- However, into the early European morning, the complex sold off to a USD 58.53/bbl and USD 63.38/bbl low for WTI and Brent, respectively. No complex-specific driver for this; instead, the move appears to be a function of the broader risk tone taking hold and hitting the space with relative USD strength at the time also factoring.
- Since, the move has reversed and WTI and Brent are towards highs of USD 59.59/bbl and USD 64.27/bbl, firmer by c. USD 0.20/bbl at best. Again, no specific fundamental behind the reversal, but potentially a function of the USD weakness seen on Treasury Secretary Bessent's remarks.
- Spot gold at highs, printed another ATH of USD 4737/oz given the risk tone and despite the morning's significant yield strength.
- Base peers in the red. 3M LME Copper down to USD 12.8k/T, within reach of Friday's USD 12.7k/T base and back towards opening levels from early-January.
- Note, Shanghai's exchange is currently making announcements regarding margin requirements and price limits.
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