From Investing.com: 2024-11-08 00:40:00

Oil and European gas prices are expected to fall in 2025 due to comfortable balances. OPEC+ delay in increasing supply adds uncertainty. Oil prices rose above $80/bbl due to Chinese stimulus hopes and geopolitical risks but fell back to the low $70s. Geopolitical risks, demand concerns, and a bearish outlook for the oil market persist.

European natural gas storage levels are above 95% but lower than last year. TTF prices remain strong at around EUR40/MWh. Speculators hold a significant net long, posing positioning risks. Concerns arise over the potential loss of Russian gas flows through Ukraine. Price forecast for TTF to average under EUR30/MWh in 2025 with key risks being LNG delays and colder weather.

Gold reached a record-high of $2,790.10/oz driven by geopolitical uncertainty. Strong safe haven demand, rate cut optimism, central bank buying, and robust Asian purchases have supported gold’s rally. Positive momentum expected to continue with favourable macro backdrop and bullish bets from hedge funds. China stimulus optimism fades, affecting industrial metals prices. More support measures anticipated to boost metals prices. Improving manufacturing sentiment and US-China policy likely to impact metals demand positively in late 2024 and early 2025.

Chinese policy measures pose upside risks to industrial metals prices, while rising protectionism and trade barriers present downside risks. ING publication is for informational purposes only and does not constitute investment advice or solicitation. Original post available for more information.



Read more at Investing.com: Crude Oil: OPEC+ Adds to Uncertainty in the Oil Market