EQNR - Commodity Roundup: Oil gains for 7th session amid Red Sea crisis; precious metals fall
2023-12-20 06:07:08 ET
Oil prices advanced to a seventh consecutive session Wednesday amid Red Sea tensions after recent attacks by Iran-aligned Yemeni Houthi militants. Both the benchmarks rose more than 1% on Tuesday on concerns over global trade disruption, as the biggest shipping companies avoid one of the world's busiest shipping lanes. BP has also paused all shipments of oil through the Red Sea.
Natural gas prices were up 1%, after losses on demand concerns. Meanwhile Equinor ( EQNR ) has agreed to supply Germany’s state-owned SEFE GmbH with 10 billion cu m/year (bcmy) of natural gas from the Norwegian continental shelf beginning Jan. 1, 2024, the equivalent of one-third of German industrial demand, as per reports.
In the precious metals market, gold, silver, platinum and palladium moved lower against a stronger dollar, which makes commodities prices in greenback more expensive for other currency holders. Prices movement however remained limited as traders remained in wait and see mode ahead of the U.S. inflation print due later this week. Spot gold ( XAUUSD:CUR ) was down -0.27% to $2,034.69 an ounce by 6 am ET.
Among base metals, copper prices rose slightly after two-session of losses amid tighter global inventories and mine supply disruptions.
Elsewhere in agriculture commodities, soybeans and cocoa prices gained, while wheat ticked lower.
Recent Commodity Price Movements
-
Energy
Metals
-
Palladium ( XPDUSD:CUR ) -2.00% to $1,199.38.
- Silver ( XAGUSD:CUR ) -0.16% to $23.99.
- Copper ( HG1:COM ) +0.01% to $3.91.
Agriculture
Commodity ETFs
Gold ETFs:
Other Metal ETFs:
Oil ETFs:
Agriculture ETFs:
-
For further details see:
Commodity Roundup: Oil gains for 7th session amid Red Sea crisis; precious metals fall