Commodity Roundup: Brent set to snap three-week losing streak amid war in Israel, gold up

Oil prices moved up on Friday, with Brent futures (CO1:COM) set to break a three-week long losing streak, supported by fear of supply disruptions following the unprecedented outbreak of violence between Israel and Palestinian militant group Hamas.

Oil prices also got a boost after the United States tightened its sanctions programme against Russian crude exports. The Treasury Department said Thursday that it has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap, according to a Reuters report.

Gold prices (XAUUSD:CUR) also ticker higher, on their way to a weekly gain amid violence in Israel, that prompted a move into safe-haven assets, while investors gauged the likelihood of more rate hikes in the U.S. after the latest hot Consumer Price Index data. On the radar today will be Federal Reserve Bank of Philadelphia President Patrick Harker’s speech on economic outlook and consumer sentiment data.

Elsewhere, copper prices ticked up on the day, but faced a second-week of decline as markets remained wary of a higher rate environment, and persistent economic challenges in the world’s largest consumer of refined copper in the world, China.

“Copper stockpiles on the LME reached 181.2kt, their highest level in nearly two years. That comes against a backdrop of deteriorating demand outlook in traditional sectors such as construction. The stronger USD also created headwinds for the base metals sector,” ANZ research said in a note.

In the agricultural commodities market, soybeans futures further extended gains following the release of the Department of Agriculture’s WASDE report, which forecast a smaller corn and soybean harvest than previously estimated. Wheat and cocoa futures also rose.

Recent Commodity Price Movements

• Energy

  Metals

  Agriculture

  • Corn (C_1:COM) -0.16% to $495.18.
  • Wheat (W_1:COM) +0.59% to $574.90.
  • Soybeans (S_1:COM) +0.29% to $1,293.75.

  Commodity ETFs

  Gold ETFs:

  • SPDR Gold Shares ETF (GLD)
  • VanEck Gold Miners ETF (GDX)
  • VanEck Junior Gold Miners ETF (GDXJ)
  • iShares Gold Trust ETF (IAU)
  • Direxion Daily Gold Miners Index Bull 2X Shares ETF (NUGT)
  • Sprott Physical Gold Trust (PHYS)

  Other Metal ETFs:

  • iShares Silver Trust ETF (SLV)
  • Sprott Physical Silver Trust (PSLV)
  • Global X Silver Miners ETF (SIL)
  • U.S. Copper Index Fund, LP ETF (CPER)
  • abrdn Physical Palladium Shares ETF (PALL)

  Oil ETFs:

  • U.S. Oil Fund, LP ETF (USO)
  • Invesco DB Oil Fund ETF (DBO)
  • U.S. 12 Month Oil Fund, LP ETF (USL)
  • U.S. Brent Oil Fund, LP ETF (BNO)
  • U.S. Natural Gas Fund, LP ETF (UNG)
  • U.S. Gasoline Fund, LP ETF (UGA)

  Agriculture ETFs:

  • Invesco DB Agriculture Fund ETF (DBA)
  • Teucrium Soybean ETF (SOYB)
  • Teucrium Wheat ETF (WEAT)
  • Teucrium Corn Fund ETF (CORN)