Gold price holds steady and natural gas price makes gains, but WTI crude price falls back
It is a mixed picture for commodity prices, as gold holds on to gains and natural gas pushes up, but crude oil continues to struggle.
Gold steady near highs
Spot gold prices avoided a more significant move lower yesterday, rallying off the lows.
The price has seen an impressive rally over the past six weeks and doesn’t yet show signs of slowing. A close back below $2800.00 might signal that a more substantial pullback is at hand.
WTI still on the back foot
It has been a miserable week for oil prices, which have surrendered the early gains and has continued to head lower.
Thursday’s session saw limited losses compared to Wednesday, but buyers remain unable to form a low. The WTI crude oil price is now below the $72.00 level that marked the peak in autumn 2024. Further declines target the late December low around $69.00.
Natural gas tests 3400
The natural gas price has recovered some of its strength over the past two sessions, and has moved back to the 3400 area that marked the top of the 27 January gap lower.
A close above 3400 helps to reinforce a bullish view and could see the price resume its move towards 3900. A reversal below 3200 likely hands the initiative to the sellers again.
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