WTI and sliver little changed while US natural gas trades close to 10-month high
Outlook on WTI, silver and natural gas as US dollar and yields retreat further.
WTI flirts with the 55-day simple moving average
WTI’s gap with last week’s high at $82.34 per barrel remains unfilled as the situation in Israel and Gaza evolves and a ground invasion of the latter cannot be ruled out, keeping the oil price elevated because of the escalation risk. The 55-day simple moving average (SMA) at $84.54 acts as immediate support ahead of Monday’s $83.73 gap high point. If slid through, the price gap should at least partially get filled. Were Tuesday’s high at $85.45 to be exceeded, though, Monday’s high at $86.11 would be back in focus. Further up sits last Tuesday’s low at $87.02.
Silver likely to recover further from its seven-month low
Silver’s advance off its early October $20.69 per troy ounce low has so far taken it to Monday’s high at $22.01, a rise above which would engage key resistance between the June-to-September lows at $22.12 to $22.30. This we expect to cap, at least over the next few days. Were a slip below Tuesday’s low at $21.64 to be seen, however, the 4 October high at $21.41 may be revisited. For now a bullish bias seems to retain the upper hand, though.
Natural gas prices trade close to ten-month high
US natural gas futures are on track for their seventh straight day of gains and trade close to their ten-month high at $3.585 as colder weather forecasts lead to expectations of a significant rise in winter demand. Above Monday’s $3.585 high lies the 12 January high at $3.742 which may soon be reached ahead of the $4 region. Minor support sits around Tuesday’s low at $3.460 and more significant support a long way off between the $3.056 to $3.050 March and August peaks.
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