Brent crude oil, US natural gas and Chicago wheat recover
Outlook on Brent crude oil, US natural gas and Chicago wheat following OPEC monthly report and shifting weather patterns.
Brent crude oil price drops on weak China data
Brent crude oil has risen for three consecutive days as OPEC in its monthly report raised its forecasts for global oil demand growth in 2023 to 2.46 million barrels per day, citing solid global growth trends and a healthy oil market. The Brent crude oil price is thus trading back above its 200-day simple moving average (SMA) at $82.26 per barrel and tries to reach the early October low at $83.12 which may at least short-term cap. Support below the 200-day simple moving average (SMA) comes in around the $81.68 late August low and the psychological $80 mark as well as at last week’s trough at $79.18.
US natural gas futures recover from five-week low
US natural gas futures descent from their ten-month high at $3.665 in late October have taken these to last week’s low at $3.125 before shifting weather patterns led to Monday’s sharp rally and Tuesday’s $3.377 high to date. As long as it isn’t overcome, a slip back towards the $3.172 late October low may ensue. Below it Monday’s price gap can be spotted at $3.216 to $3.198 ahead of last week’s low at $3.125. Further down support can be found between the mid-to-late September highs at $3.024 to $3.021 while minor resistance sits at the $3.432 mid-October high.
Chicago Wheat prices recover
Chicago Wheat prices, which last week rose to $617 on reports that a shipping vessel was struck by a missile upon entering the port of Odessa in Ukraine, slid back to Monday’s $589 low before heaving themselves back above the 55-day simple moving average (SMA) at $592. Further range trading between the two-month high at $620, made in October, and the late October $575 low thus remains on the cards. Above the $575 level potential support can be seen along the September-to-November uptrend line at $584.
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