From Investing.com: 2024-11-25 06:04:00

Natural gas prices in the US surged due to expectations of colder weather and an early start to the withdrawal season. Geopolitical tensions between Russia and Ukraine are also supporting energy prices. Henry Hub natural gas contracts rose by 9% to $3.39/MMBtu. Meanwhile, oil prices began the week softer due to demand concerns and geopolitical factors.

Global steel output edged higher by 0.4% YoY in October, with increased production in China, India, and the EU. However, steel production fell in Russia, South Korea, and Japan. SHFE inventory data showed declines in base metals stocks. Speculators decreased net long positions in COMEX copper and silver but increased net longs in gold.

Ukraine’s grain exports have risen by 43% YoY, driven by wheat and corn exports. Australia’s wheat harvest is expected to reach 10.3mt, boosting wheat exports. Money managers increased net short positions in CBOT wheat and soybeans but raised net long positions in CBOT corn. The increase in wheat exports from Australia could help offset potential disruptions in the Black Sea region.



Read more at Investing.com: Natural Gas and Crude Oil Respond to Colder Forecasts and Geopolitical Challenges