Crude Oil, Gold, and Soybeans Move Up
Highlights:
- ENERGY:
Brent crude advanced by 1% or 80 cents, to $82.75 a barrel. Meanwhile, WTI crude gained 1.1% or 84 cents, to $79.14 a barrel.
On Thursday, gas prices approached the level of $5.40. - METALS:
Gold was trading with an increase of 0.16% at $1759/oz. Meanwhile, silver shed 0.45% at $22.47/oz.
Benchmark copper on the LME slipped by 0.2% to $9,248 a tonne. - AGRICULTURAL:
Corn futures for December delivery grew by 1-3/4 cents at $5.34 a bushel. Soybeans futures for November delivery gained 5-1/4 cents at $12.47-1/4 a bushel.
Oil rebounds after a significant slump
Oil prices increased on Friday. Brent crude advanced by 1% or 80 cents to $82.75 a barrel. Meanwhile, WTI crude gained 1.1% or 84 cents, to $79.14 a barrel.
Analysts suggest buying after the falls, although also being aware that the non-agricultural employment report is published in the United States on Friday. So, there could be a lot of volatility. Analysts believe the market will go higher. But short-term corrections would be appreciated to take advantage of a very solid uptrend.
Gas prices slid slightly
Global gas prices collapsed after Wednesday’s statement by Russia that it would supply more gas to Europe.
On Thursday, gas prices approached the level of $5.40.
Vladimir Putin has suggested that Russia will continue to supply high levels of natural gas to Europe. However, by nature, these types of markets are highly localized. Therefore this has a minimal impact on the United States.
For now, the US suffered a series of events such as tropical hurricanes, heat waves, and others that have put pressure on the markets. Analysts believe that prices are likely to go upwards.
Gold and silver are trading mixed
Gold was trading with an increase of 0.16% at $1759/oz. Meanwhile, silver shed 0.45% at $22.47/oz.
Now the important thing is to focus on the US non-farm jobs data that is released today. It will significantly influence the US dollar, which is crucial to see where gold is going.
As for silver, the good news is that silver is a very seasonal metal. It tends to experience significant price increases in the fourth quarter of each year. Analysts believe that silver could easily reach $25 an ounce by March next year.
Growth fears support copper
Concerns over low inventories steadied copper prices.
Benchmark copper on the LME slipped by 0.2% to $9,248 a tonne. However, the red metal remained on track for a weekly increase.
Another concern for the copper market is the Chinese Evergrande crisis since the real estate sector is one of the largest consumers of the industrial metal.
Soybean and corn futures rise
CBOT closed the session yesterday with advances of almost two dollars for soybeans. Meanwhile, corn ended mixed, with gains in its closest positions.
Corn futures for December delivery grew by 1-3/4 cents at $5.34 a bushel. Soybeans futures for November delivery gained 5-1/4 cents at $12.47-1/4 a bushel.
