CUR - Commodity Roundup: Brent futures dip; eyes on Powell's speech government shutdown
2023-09-28 06:01:42 ET
Brent crude prices eased on Thursday after a two-straight session of gains as investors assessed incoming economic figures and risks associated with higher-for-longer interest rates.
Investment bank UBS expects Brent to trade in a range of $90–100/bbl over the coming months, with a year-end target of $95/bbl.
Recommends risk-taking investors add long exposure via longer-dated Brent contracts, which are trading at a discount to spot prices, or to sell Brent’s downside price risks.
U.S. crude oil futures surged nearly 4% on Wednesday, reaching new highs for the year, after data showed a larger-than-expected drop in U.S. crude supplies last week.
Meanwhile, demand for global mobility fuels rose on strong Chinese diesel and jet fuel consumption, JPM said.
In the precious metals market, silver, platinum, and palladium ticked higher, while gold was little changed amid solid economic data and potential hawkish moves from the U.S. central bank. Investors awaited remarks from Federal Reserve Chair Jerome Powell and data including revised GDP numbers.
Markets kept a close watch on updates on the looming U.S. government shutdown, with the Democratic-controlled Senate expected to take a procedural vote on Thursday on a bipartisan short term spending measure that has already been rejected by Republican House Speaker Kevin McCarthy, as per a Reuters report.
Elsewhere, copper prices ticked higher ahead of Sept. 29-Oct. 8 holiday in top consumer China, and in part driven by a softer dollar.
Cocoa and wheat prices ticked up, while soybeans eased in the agri market.
Recent Commodity Price Movements
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Energy
Metals
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Palladium ( XPDUSD:CUR ) +0.64% to $1,229.59.
- Silver ( XAGUSD:CUR ) +0.38% to $22.60.
- Copper ( HG1:COM ) +0.93% to $3.65.
Agriculture
Commodity ETFs
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Other Metal ETFs:
Oil ETFs:
Agriculture ETFs:
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Commodity Roundup: Brent futures dip; eyes on Powell's speech, government shutdown