Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Commodities»The Commodities Feed: Israel responds, oil sells off | articles
    Commodities

    The Commodities Feed: Israel responds, oil sells off | articles

    October 28, 20243 Mins Read


    Oil prices opened this morning lower with ICE Brent trading more than 4% lower at the time of writing, taking the market back below $73/bbl. This weakness comes despite Israel finally responding over the weekend to Iran’s recent missile attack. However, Israel’s response appears to have been measured with only Iranian air defence and missile production facilities targeted. The concern for the market had been if Israel targeted Iran’s energy or nuclear infrastructure. The more targeted response from Israel leaves the door open for de-escalation and clearly the price action in oil this morning suggests the market is of the same view. While it is still unclear if or how Iran may retaliate, the government has downplayed the damage caused by Israel’s response. The Iranian supreme leader has said that the attack should not be “exaggerated or downplayed”. Clearly, if we do see some de-escalation it would allow fundamentals once again to dictate price direction. And with a surplus market over 2025, this would mean that oil prices are likely to remain under pressure.

    The latest positioning data for ICE Brent showed little change in the managed money net long over the last week. Speculators reduced their net long by 1,941 lots to 134,581 lots as of last Tuesday. The lack of movement shows that speculators have been torn between growing geopolitical risks and bearish 2025 fundamentals. As for refined products, speculators remain bearish on middle distillates. The positioning data shows that speculators increased their net short in ICE gasoil by 10,777 lots to 41,786 lots. Similarly, for NYMEX ULSD, the managed money net short increased by 3,826 lots to 26,314 lots. Weak demand, growing Middle Eastern supply and comfortable inventory levels continue to keep pressure on middle distillates.   

    European natural gas prices strengthened on Friday. TTF settled more than 3.2% higher on the day taking prices a little over EUR43.5/MWh, the highest year-to-date level. Forecasts for colder weather at the end of this week, a relatively small outage in Norway, along with Middle Eastern tensions, have provided upside to the market. Although with broader markets of the view that we could possibly see some de-escalation in the Middle East following developments over the weekend, gas prices may trade lower today. However, the other factor which is offering support to the market is that last week we saw several days of marginal storage draws, and so storage will start the heating season slightly below where we would have expected it to be. But at more than 95% full these are still very comfortable levels, just not as comfortable as we were initially expecting.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    La première place pour les électriques à l’EcoGreen Energy 2025

    Commodities

    L’infernal concert de Muse au Hellfest

    Commodities

    Rencontre avec Tabahi, seul groupe de thrash metal du Pakistan

    Commodities

    Tout comprendre à la nouvelle étiquette énergie des smartphones

    Commodities

    Supply chain finance enhances innovation and efficiency across agricultural value chains

    Commodities

    Graspop Metal Meeting 2025 : Iron Maiden en grande forme, vampires, monstre et grand soleil

    Commodities
    Leave A Reply Cancel Reply

    Top Picks
    Stock Market

    South Africa Marks 150 Days of Uninterrupted Power Supply

    Precious Metal

    West Kentucky Star – News

    Stock Market

    Stocks Close Higher to Finish Week With Gains; Dow Above 40K

    Editors Picks

    China, Pakistan develop AI-powered agricultural app

    February 19, 2025

    What is a cryptocurrency token reserve? Trump crypto platform’s new plan

    February 19, 2025

    7 Easiest Countries for Americans to Buy a House Abroad

    July 7, 2024

    Why has Donald Trump embraced crypto?

    July 30, 2024
    What's Hot

    TSX Breakouts: A dividend stock that has plunged into deeply oversold territory on high volume

    March 9, 2025

    Nepal Southern Agricultural Science and Technology Park inaugurated

    August 28, 2024

    Gold Price Forecast: Precious Metal Poised for Further Gains

    March 27, 2025
    Our Picks

    Honoring county agriculture during Farmers Market Week – Marin Independent Journal

    August 5, 2024

    Agricultural Water Management Fund application deadline coming up April 30 – SwiftCurrentOnline.com

    April 23, 2025

    The FBI Made a Crypto Coin Just to Catch Fraudsters

    October 12, 2024
    Weekly Top

    Rencontre avec Tabahi, seul groupe de thrash metal du Pakistan

    June 20, 2025

    Tout comprendre à la nouvelle étiquette énergie des smartphones

    June 20, 2025

    Silver Viper finalise l’acquisition du projet aurifère-cuivrique Cimarron

    June 20, 2025
    Editor's Pick

    Krishi Mela to be held from November 14 to 17 under the theme ‘Climate Smart Digital Agriculture’ 

    October 27, 2024

    Mahoning County, Ohio Real estate tax bills have been mailed; due date approaching

    July 19, 2024

    Should we embrace digital assets? – Editorials

    March 3, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.