[MARKET ANALYSIS] Crude steadies after Wednesday's slump; spot gold extends post-midterm rally

Crude benchmarks are steadier after Wednesday's slump of more than 8%, which came as the Democratic sweep reduced the likelihood of an extended US/Iran war. Prices rose over USD 1/bbl for Brent in early European trade despite a lack of fresh headline catalysts. Since then, UKMTO reported a tanker was struck by two unidentified projectiles 50NM north of Qatar's Madinat ash Shamal late yesterday. On diplomacy, Iran's Foreign Minister and the Sultanate of Oman discussed regional developments and political efforts to achieve peace and stability in the region in a telephone call. Note, there is a wider spread between WTI Dec and Brent Jan quotes, potentially as US crude production hit a new record of 14mln bpd in yesterday's EIA data.
WTI Dec'26 trades with modest gains within a USD 86.65-88.54/bbl range, while Brent Jan'27 is firmer within USD 93.44-95.91/bbl. Dutch TTF is slightly lower but well off worst levels, tracking the price action in crude oil counterparts.
Spot gold extends its post-midterm rally above USD 4,100/oz, within a USD 4,057.84-4,146.99/oz range (vs yesterday's USD 3,919.93-4,070.53/oz range), amid softer yields and the weaker overnight dollar and potentially some geopolitical hedging. It has reclaimed its 21DMA at USD 4,078/oz, with the 50 and 100DMAs (USD 4,206/oz and USD 4,203/oz) the next upside levels. Spot silver is firmer within a USD 52.21-53.48/oz range (vs yesterday's USD 48.97-52.46/oz range), while platinum and palladium futures are also higher.
3M LME copper is lower within a USD 13,940.08-14,136.18/t range, with demand subdued alongside the mixed risk appetite in Asia, potentially as the AI/memory sell-off continued after the Democratic sweep. The KOSPI closed more than 5% lower, with Samsung and SK Hynix hit.

Energy headlines from our feed, and what the market did next.

"We are interested in the diplomatic track, but without making concessions", Al Arabiya citing an Iranian diplomatic source.

WTI crude+0.8%

"Washington has approved the draft memorandum of understanding that the Qatari delegation presented to Iran yesterday", Al-Araby Al-Jadeed reports citing sources close to the mediation team.

WTI crude−3.6%

Qatari mediators expect feedback from the US and Iran within 36 hours on a new proposal to advance talks, according to an official briefed on the talks cited by Reuters.

WTI crude−1.6%

See all 221

[MARKET ANALYSIS] Crude steadies after Wednesday's slump; spot gold extends post-midterm rally

More on this story

Related headlines