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Home Market Outlook Commodities Summary Oil markets sold off aggressively yesterday, with ICE Brent settling 8.7% lower on the day and below $95/bbl. Selling pressure has only continued in early morning trading today. The outcome of the US midterm elections, with the Democrats winning both the House and Senate, has increased hopes that we could see a quicker end to the war in Iran.
European gas prices also sold off yesterday amid hopes the US midterms outcome could lead to a quicker recovery in LNG flows. TTF fell by more than 3.8% and pressure has continued this morning, leaving it trading around the EUR85/MWh level. However, fundamentally, the European gas market remains tight.
Spot gold jumped more than 3% yesterday, climbing back above $4,000/oz following a Democratic sweep in the US mid-term elections. Expectations of legislative gridlock, lower Treasury yields and a weaker dollar are supporting the move. MF3d/iStock via Getty Images By Warren Patterson , Head of Commodities Strategy, and Ewa Manthey , Commodities Strategist Energy - Middle East optimism grows following US election Oil markets sold off aggressively yesterday, with ICE Brent settling 8.7% lower on the day and 5.7K Followers
Source: Seeking Alpha
