No change of the indicator value may reduce the volatility of the related markets.
No change of the indicator value may reduce the volatility of the related markets.
On the one hand, oil prices remained in the range of minimum annual values, as the fear of possible recession is still strong and trading ahead of the holidays is less active. On the other hand, there is a suggestion that the price increase projected for next year has already begun.
Energy demand in Asia was seen rising in recent weeks, which was partially triggered by the return of China to the liquefied natural gas (LNG) spot market. Easing of COVID-19 quarantine protocols in China may be the reason why the Atlantic and Pacific basins will have to compete for LNG next year.
Inflation in the United States, which turned out to be lower than expected, is putting pressure on the U.S. currency. According to economists at ANZ Bank, along with falling real yields, this has helped gold prices to reach the value of $1,800 an ounce again.
Analysts note an increase in the volume of long speculative positions in silver and gold futures. At the same time, short positions are being reduced. In other words, investors believe in further growth of precious metals.
According to a Goldman Sachs analyst review, in 2023 commodity markets may face the consequences of lack of investment. It was noted that even a significant increase in prices at the beginning of the year did not lead to an increase in commodity projects’ investment.
Oil is likely to hit $100 per barrel in 2023. This is reported by Eric Nuttall, senior portfolio manager at Ninepoint Partners LP, in his interview with the Financial Post.
S&P Global Vice Chairman Daniel Yergin stated that after the easing of restrictions against COVID, China's economy will reopen and oil prices can reach $121.
The recent oil spill on TC Energy's existing Keystone pipeline was an additional push to deny permission to build the Keystone XL pipeline.
European gas prices hit record lows since June 14. The decline in price is linked to heavily increased volumes of LNG imports and larger than usual inventories, with both factors reducing concerns over supply.
Gold prices are steady ahead of key US economic growth and inflation data, which are to be released this week.