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Pre-Market Report: Global Markets Are Mixed on October 5

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Part 5
Pre-Market Report: Global Markets Are Mixed on October 5 PART 5 OF 5

Commodities Are Strong in the Early Hours on October 5

Crude oil

After falling for three consecutive trading days, crude oil opened Thursday on a mixed note. In the early hours on October 5, crude oil is stable and trading above the opening hours.

Commodities Are Strong in the Early Hours on October 5

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Market sentiment

Despite the improved market sentiment last week, crude oil prices pulled back this week due to profit-taking and large bullish positions closing. However, the market regained stability on Thursday due to increased expectations of a supply cut extension by Saudi Arabia and Russia. On the other hand, the sharp rise in US exports is weighing on the market. According to the EIA (U.S. Energy Information Administration), US crude oil exports increased to 1.98 million barrels per day last week. On the other hand, the EIA reported that inventory levels fell by 6.023 million barrels.

At 7:15 AM EST on October 5, the West Texas Intermediate crude oil futures contracts for November 2017 delivery were trading at $50.08 per barrel—a gain of ~0.2%. The Brent crude oil futures contracts for December 2017 delivery rose 0.66% and traded at $56.17 per barrel. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) closed at $34.07 after falling 0.58% on October 4.

Metals

Despite starting this week on a weaker note, copper regained its strength as the week progressed. The reports of a 5.4 magnitude earthquake in Chile supported copper prices. Chile has many of the highest producing copper mines. Any supply disruption will likely support copper prices.

Gold (GLD) and silver (SLW) started to regain strength this week after falling for three consecutive weeks. In the early hours on Thursday, gold and silver are stable. The market is looking forward to US economic data that are scheduled to release today. Platinum and palladium are stable in the early hours on October 5.

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