At 09:10 GMT, Light Crude Oil Futures are trading $63.07, up $0.22 or +0.35%. Saudi Price Cuts and OPEC+ Supply Moves Weigh on Sentiment Crude came under pressure midweek after Saudi Arabia reduced its July selling prices to Asia to the lowest in nearly two months. While the cuts were milder than expected, they reflect
“Gold’s recent rebound reflects temporary relief,” said a senior commodities analyst at a leading bank. “However, with the dollar gaining traction from solid data, upside momentum is capped.” Despite this, traders continue to eye the Federal Reserve’s next steps. Markets are pricing in at least two 25-basis-point rate cuts by year-end, banking on easing inflationary
Is Oversupply from Storage and Output Keeping Bulls on the Sidelines? Last week’s storage injection came in at 120 Bcf, significantly higher than the five-year average of 87 Bcf. This marks the second week in a row of triple-digit builds and pushes inventories to 2,375 Bcf—now 3.9% above the five-year average. The year-on-year storage deficit
“Gold is caught in a tug-of-war between a weaker dollar, potential Fed easing, and geopolitical risks,” said Kelvin Wong, senior market analyst at OANDA Asia Pacific. Former President Trump’s decision to delay the imposition of 50% tariffs on European Union imports until July 9 provided short-term relief to market nerves, but the broader trade outlook
Trump Tariff Delay Takes Pressure Off—For Now Trump’s decision to extend the deadline for 50% tariffs on EU goods to July 9 briefly reduced geopolitical tension. Over the weekend, the U.S. President said he agreed to an extension after a phone call with European Commission President Ursula von der Leyen, calling it a “privilege” to
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As a result, national demand has stayed light to moderate, while ERCOT-driven regional strength hasn’t been enough to lift the overall market. NatGasWeather also confirmed the lack of sustained heat will keep cooling degree days near or slightly above average, but still insufficient to drive stronger consumption. Are Storage Builds and Production Growth Tipping the
Daily US Dollar Index (DXY)The U.S. Dollar Index fell 0.3% on the session, making dollar-denominated assets like silver and gold more attractive to foreign buyers. This helped fuel a short-covering rally in both metals, with gold benefitting slightly more due to broader safe-haven interest following the latest macroeconomic readings. Lower-than-expected wholesale inflation further pressured the
Will Mild Weather and High Storage Forecasts Pressure Prices Further? Forecasts for above-normal spring temperatures and light national demand are adding bearish pressure. Record-setting heat in Texas is a regional exception, with highs in the 90s and 100s driving local demand. But for much of the Lower 48, weather is expected to stay mild, curbing
Daily Natural GasThe market’s failure to reclaim $3.733 on Monday signaled waning buying interest, exposing the June contract to downside risk. Should bearish momentum persist, traders are eyeing a potential retreat toward the minor pivot at $3.438. A break above $3.900 would be needed to confirm renewed upside strength, opening the path to test $4.062