Commodities Market Update, December 2
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The week ending December 2, 2024, saw significant declines in oil (-4.27%) and fuel (-7.31%), while Dutch TTF Natural Gas rose by 2.17%. Wheat dropped by 1.84%, and corn fell by 0.77%. Soybeans saw a modest gain of 0.64%, while gold closed down by 2.16%. Overall, the commodities market showed a predominantly negative trend, with some short-term recovery signals for certain assets.
The commodity market saw a turbulent week, with several key assets facing downward pressure, while others experienced modest gains. Here’s a breakdown of the latest developments across major commodities.
Crude Oil Faces Steep Decline Crude oil prices took a significant hit last week, dropping by 4.27%. The technical outlook for oil is increasingly bearish, with prices nearing a critical support level at $67.84. Resistance remains at $68.75, and forecasts suggest further downward movement in the near term, indicating a continuation of the negative trend.
Fuel Prices Take a Sharp Dive
Fuel prices also experienced a sharp decline, closing the week with a loss of 7.31%. The technical picture for fuel remains grim, with support levels seen at $1.875. Any upward movement is capped at $1.969, and the short-term outlook suggests a potential continuation of the downward pressure.
Dutch TTF Natural Gas Posts Solid Gains
In contrast to the broader negative trends, Dutch TTF Natural Gas saw a solid gain of 2.17% last week. The short-term technical outlook for natural gas is positive, with the upward trend continuing. The first resistance level is at $48.4, and expectations point to further gains in the coming period.
Wheat Faces Continued Pressure Wheat prices also faced a difficult week, dropping by 1.84%. The technical situation for wheat remains bearish, with a focus on support around $527.35. The market is expected to continue its downward trajectory, potentially leading to new lows in the near future.
Corn Sees Modest Decline Corn futures ended the week down by 0.77%. The short-term technical outlook for corn shows a slight upward trend, with resistance at $426.99. Should the upward momentum continue, prices could rise towards the $437.47 level, but the market remains relatively subdued.
Soybean Futures Hold Steady with Minor Gains
Soybean futures showed a modest gain of 0.64%, providing a slight positive note in an otherwise challenging week for commodities. Although the medium-term outlook for soybeans is still bearish, the short-term chart suggests some resistance to further declines, indicating a potential pause or reversal in the negative trend.
Gold Experiences Decline Amid Bearish Sentiment
Gold faced a notable drop, with prices falling by 2.16% during the week. The longer-term outlook for the precious metal remains negative, as the broader market sentiment continues to weigh on its value. However, some positive short-term signals are beginning to emerge, as indicated by faster-moving technical indicators, suggesting a possible recovery in the immediate future.
Conclusion
The commodities market saw a mix of performances, with oil, fuel, and wheat facing notable declines, while natural gas and soybeans showed some resilience. The overall market sentiment remains cautious, with bearish trends dominating many sectors, though there are signs of potential short-term reversals in specific assets like gold and natural gas. As we move into December, attention will remain on global economic developments and their impact on commodity prices.
The commodity market saw a turbulent week, with several key assets facing downward pressure, while others experienced modest gains. Here’s a breakdown of the latest developments across major commodities.
Crude Oil Faces Steep Decline Crude oil prices took a significant hit last week, dropping by 4.27%. The technical outlook for oil is increasingly bearish, with prices nearing a critical support level at $67.84. Resistance remains at $68.75, and forecasts suggest further downward movement in the near term, indicating a continuation of the negative trend.
Fuel Prices Take a Sharp Dive
Fuel prices also experienced a sharp decline, closing the week with a loss of 7.31%. The technical picture for fuel remains grim, with support levels seen at $1.875. Any upward movement is capped at $1.969, and the short-term outlook suggests a potential continuation of the downward pressure.
Dutch TTF Natural Gas Posts Solid Gains
In contrast to the broader negative trends, Dutch TTF Natural Gas saw a solid gain of 2.17% last week. The short-term technical outlook for natural gas is positive, with the upward trend continuing. The first resistance level is at $48.4, and expectations point to further gains in the coming period.
Wheat Faces Continued Pressure Wheat prices also faced a difficult week, dropping by 1.84%. The technical situation for wheat remains bearish, with a focus on support around $527.35. The market is expected to continue its downward trajectory, potentially leading to new lows in the near future.
Corn Sees Modest Decline Corn futures ended the week down by 0.77%. The short-term technical outlook for corn shows a slight upward trend, with resistance at $426.99. Should the upward momentum continue, prices could rise towards the $437.47 level, but the market remains relatively subdued.
Soybean Futures Hold Steady with Minor Gains
Soybean futures showed a modest gain of 0.64%, providing a slight positive note in an otherwise challenging week for commodities. Although the medium-term outlook for soybeans is still bearish, the short-term chart suggests some resistance to further declines, indicating a potential pause or reversal in the negative trend.
Gold Experiences Decline Amid Bearish Sentiment
Gold faced a notable drop, with prices falling by 2.16% during the week. The longer-term outlook for the precious metal remains negative, as the broader market sentiment continues to weigh on its value. However, some positive short-term signals are beginning to emerge, as indicated by faster-moving technical indicators, suggesting a possible recovery in the immediate future.
Conclusion
The commodities market saw a mix of performances, with oil, fuel, and wheat facing notable declines, while natural gas and soybeans showed some resilience. The overall market sentiment remains cautious, with bearish trends dominating many sectors, though there are signs of potential short-term reversals in specific assets like gold and natural gas. As we move into December, attention will remain on global economic developments and their impact on commodity prices.