Core Insights - Gold and silver have reached historic highs, with gold surpassing $4,500 an ounce and silver exceeding $75 for the first time, driven by expectations of Federal Reserve rate cuts, a declining US dollar, and rising global tensions [1][10][16] Market Performance - Gold has increased approximately 73% for the year, marking its strongest annual performance since 1979, while silver has surged by 150% to 160%, significantly outpacing gold's gains [4][16] - Spot gold reached a record high of $4,530.60 an ounce earlier in the session before stabilizing above the $4,500 mark [2][14] Economic Factors - The anticipated pivot of the Federal Reserve towards an easing cycle, including interest rate cuts, has reduced the opportunity cost of holding non-yielding assets like gold, making it more attractive compared to bonds and cash [5] - A weaker US dollar has further enhanced gold's appeal, making it cheaper for international buyers and driving global demand [5] Geopolitical Influences - Increased safe-haven buying has been observed due to rising geopolitical risks, including tensions in Venezuela, instability in the Middle East, the war in Eastern Europe, and recent US military actions in Nigeria [6] Central Bank Activity - Central banks, particularly in China, India, and Poland, have aggressively accumulated gold, purchasing over 1,000 metric tons for the third consecutive year, indicating a strategic shift to diversify reserves away from the dollar [12]

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January WTI crude oil (CLF26) on Monday closed down -0.62 (-1.08%), and January RBOB gasoline (RBF26) closed down -0.0198 (-1.13%). Crude oil and gasoline prices were under pressure on Monday, with crude oil falling to a 1.75-month low and gasoline posting a 4.75-year nearest-futures low.  Concerns about global energy demand are weighing on crude prices amid weaker-than-expected Chinese economic news.  Also, Monday's decline in the S&P 500 to a 2-week low dampens optimism about the economic outlook, which ...

January WTI crude oil (CLF26) today is down -0.84 (-1.46%), and January RBOB gasoline (RBF26) is down -0.0234 (-1.34%). Crude oil and gasoline prices are under pressure today, with crude oil falling to a 1.75-month low and gasoline posting a 4.75-year nearest-futures low.  Concerns about global energy demand are weighing on crude prices amid weaker-than-expected Chinese economic news.  Also, today's fall in the S&P 500 to a 2-week low dampens optimism in the economic outlook that is negative for energy de ...

Core Viewpoint - Oil prices experienced the largest two-day drop in a month due to ongoing concerns about global oversupply [1] Group 1: Price Movements - Brent crude traded around $62 per barrel after a 3% decline over the previous two sessions, while West Texas Intermediate was above $58 [2] - Crude prices have been confined within a tight $4 range since the beginning of November, influenced by oversupply concerns and geopolitical risks related to Russian oil flows [5] Group 2: Supply Dynamics - The US is projected to reach a record domestic crude production of 13.6 million barrels per day this year, contributing to the oversupply in the global market [2] - The American Petroleum Institute reported a decrease in US crude inventories by 4.8 million barrels last week, although there were significant increases in fuel stockpiles, including gasoline and distillates [4] Group 3: Market Sentiment - Ole Hansen from Saxo Bank expressed surprise at the lack of attempts to push Brent prices below $62, indicating a contrarian view amid negative news [3] - The upcoming reports from the International Energy Agency and OPEC are anticipated to provide further insights into the market outlook [5]

January WTI crude oil (CLF26) today is down -0.48 (-0.82%), and January RBOB gasoline (RBF26) closed down -0.0239 (-1.34%). Crude oil and gasoline prices extended this week's losses today, with crude posting a 2-week low and gasoline slumping to a 4.75-year nearest-futures low.  Crude prices are falling on concerns about a global oil glut.  Oil prices remained lower today after a mixed EIA inventory report showed crude supplies fell more than expected, while gasoline and distillate stockpiles rose more th ...

Group 1: Market Trends - Crude oil and gasoline prices continued to decline, with crude reaching a 1.5-week low and gasoline a 2-week low due to a stronger dollar and concerns over a global oil glut [2][3] - The crude crack spread fell to a 6-week low, discouraging refiners from purchasing crude oil for conversion into gasoline and distillates [3] Group 2: Supply and Demand Dynamics - Trafigura indicated that the global oil market is heading towards a "super glut" next year due to new supply outpacing sluggish energy demand [3] - Saudi Aramco cut the price of its Arab Light crude oil for Asian customers by 30 cents per barrel for January delivery, marking the lowest price since January 2021, reflecting weakened energy demand [4] Group 3: Geopolitical Factors - Geopolitical risks are providing some support to crude prices, with threats from Russian President Putin regarding attacks on ships aiding Ukraine and recent drone attacks on Russian tankers in the Black Sea [5] - Reduced crude exports from Russia are also supporting prices, with shipments falling to 1.7 million barrels per day in early November, the lowest in over three years, due to Ukrainian attacks on Russian refineries and new sanctions from the US and EU [6]

Core Insights - Crude oil and gasoline prices are experiencing declines, with crude reaching a 1.5-week low and gasoline a 2-week low, primarily due to a stronger dollar and concerns over a global oil glut [2][3] - Trafigura forecasts a "super glut" in the global oil market next year, driven by new supply outpacing sluggish demand, which is negatively impacting crude prices [3] - Saudi Aramco's recent price cut for Arab Light crude oil indicates weakened energy demand, marking the lowest price since January 2021 [4] Market Dynamics - Geopolitical tensions, particularly involving Russia and Ukraine, are providing some support to crude prices despite overall bearish trends [5] - Russian crude exports have significantly decreased, with shipments falling to 1.7 million barrels per day (bpd) in early November, the lowest in over three years, due to ongoing conflicts and new sanctions [6] - The closure of key oil export routes, such as the Caspian Pipeline Consortium, further constrains Russian oil exports, impacting global supply dynamics [6]

Price Trends - The national average price of gasoline has dropped to $2.79 per gallon, the lowest level since 2021, with a decrease of 4 cents from the previous week [1] - Diesel prices have also declined, with the national average currently at $3.671 per gallon, down 5.1 cents from a week ago [1] State Variations - Gas prices vary significantly by state, with Oklahoma at $2.366 per gallon and California at $4.469 per gallon [1] Market Dynamics - Global oil prices are influenced by geopolitical risks, such as sanctions on Russia and tensions in the Middle East, which push prices up, while fears of economic slowdown and oversupply pull them down [2] - Brent crude for February delivery is trading at $62.79 per barrel, down 1.51%, while WTI crude for January delivery is at $59.12 per barrel, down 1.53% [2] Demand Outlook - Ongoing negotiations for a Ukraine/Russia peace deal contribute to oil price stability, with expectations of upward revisions in demand due to stronger U.S. oil demand growth [3]

January WTI crude oil (CLF26) today is down -0.91 (-1.51%), and January RBOB gasoline (RBF26) is down -0.0279 (-1.52%). Crude oil and gasoline prices are moving lower today, with gasoline falling to a 1.5-week low.   Dollar strength today is undercutting energy prices.  Also, today's weakness in stock prices weighs on confidence in the economic outlook and energy demand.  Losses in crude are limited on expectations that restrictions on Russian energy exports will remain after Ukrainian President Zelenskiy ...