Crude Oil Edges Higher as US Crude Stockpiles Continue to Shrink - HDFC Securities
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GLOBAL MARKET ROUND UP
* After notching the biggest yearly gain since 2010, gold started following the New Year's holiday with a positive note, with traders assessing prospects for a slower pace of monetary easing by the Federal Reserve in 2025.
* Crude oil edged higher in the first session of the new year after an industry report signaled US crude stockpiles continued to shrink. API report showed inventories fell by 1.4 million barrels last week, which would be a sixth straight draw if confirmed by government data later Thursday. In addition to this market, focus on the possibility of further sanctions that disrupt Iranian and Russian shipments, which may also boost demand for alternative supplies from the Middle East and elsewhere.
* Natural gas prices opened lower on Thursday’s trade as US weather forecasts warmed considerably, which alleviated concerns that frigid temperatures next month would substantially boost heating demand for natural gas. Forecaster Maxar Technologies said Tuesday that weather models for the Midwest and South shifted to warmer temperatures for the January 10-14 outlook.
* Industrial metals rose on the first trading day of the year, with a private survey pointing to an expansion of manufacturing in China and investors weighing the scope for additional stimulus from Beijing in 2025. In China, the Caixin manufacturing purchasing managers index held above 50 for a third month in December, although it was down on-month, pointing to a bumpy recovery of the top metals-consuming economy.
* Key economic data due later today and tomorrow, including US jobless claims and manufacturing reports, will be closely watched for clues on the Fed’s easing trajectory.
Gold
Trading Range: 76600 to 77480
Intraday Trading Strategy: Sell Gold Mini Feb Fut at 77050-77080 SL 77350 Target 76780/76600
Silver
Trading Range: 87080 to 89320
Intraday Trading Strategy: Buy Silver Mini Feb Fut at 87900-87925 SL 87100 Target 88950/89200
Crude Oil
Trading Range: 6080 to 6265
Intraday Trading Strategy: Buy Crude Oil Jan Fut at 6150 SL 6094 Target 6235
Natural Gas
Trading Range: 304 to 324
Intraday Trading Strategy: Buy Natural Gas Jan Fut at 304 SL 297.0 Target 312/315
Copper
Trading Range: 784 to 804
Intraday Trading Strategy: Buy Copper Jan Fut at 789 SL 784.0 Target 797/799
Zinc
Trading Range: 275-284
Intraday Trading Strategy: Buy Zinc Jan Fut at 280 SL 277.0 Target 284
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