• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Commodities

Weekly Review: All that happened with commodities and energy last week

Ajibola Akamo by Ajibola Akamo
January 30, 2023
in Commodities, Markets
Weekly Review: All that Happened with Commodities and Energy
Share on FacebookShare on TwitterShare on Linkedin

The Brent fell 1.1% last week after rallying almost 12% over two previous weeks. January-to-date, the global crude benchmark rose less than 1%. Oil loadings from Russia’s Baltic ports are the main reason for the declines seen during the week.

Oil Price Outlook: Technical chartist Sunil Kumar Dixit, who is also the Chief Technical Strategist at SKCharting.com, explained that if WTI does not pop on the theatre that OPEC+ pulls at its Feb. 1 meeting, then the U.S. crude benchmark could plummet to its recent low under $76 a barrel. He said:

  • “In case of a strong break below $79.10 and $78.60, the next drop for WTI would be $77.76 and this may be followed by even lower levels at $76.78 and $75.65.”

Despite multiple attempts to make a sustainable break above $82.60, Dixit noted that WTI settled the week in a relatively bearish mood at $79.68. He added, “Momentum appears trapped within a $4 range of $82.60-$78.60, which needs to break for further direction.”

RelatedStories

Bamboo opens remittance app to send funds to 15 African countries and virtual USD cards

Bamboo opens remittance app to send funds to 15 African countries and virtual USD cards

June 16, 2025
LemFi acquires fintech pillar to launch Credit Cards for immigrants

LemFi acquires fintech pillar to launch Credit Cards for immigrants

June 16, 2025

Dixit said a decisive breakout above $82.60 will open the way for WTI’s next leg higher to $83.88. That could be followed by $84.70. which is a 61.8% Fibonacci retracement from the drop of $93.76 to $70.06

Natural Gas: Gas futures have lost 57% of their value over the past six weeks after an unusually warm start to 2022/23 winters led to a collapse in demand for heating oil. Before this week’s plunge to $2 levels, gas hit 14-year highs of $10 per mmBtu in August and even traded as high as $7 in December.

Natural Gas Price Outlook: Dixit noted that untiring selloff efforts continued in natural gas for a seventh week in a row, pushing prices down to $2.747 per mmBtu, with hardly any signs of exhaustion yet to the plunge. He explained:

  •  “The stochastics and RSI on the weekly chart have reached oversold conditions that call for a rebound either from current lows or a bit lower, at $2.60 and $2.35.”

On the flip side, oversold conditions call for a short-term rebound towards the resistance zone of $3.00 and $3.30, followed by peaks to the $3.50 and $3.70 supply zone, he added.

Gold: Gold on New York’s Comex did a final trade of $1,928 on Friday after settling the session at $1929.40, down about 60 cents. The spot price of gold, more closely followed than futures by some traders, settled at $1,928.15, down approximately 1%, on the day. Spot gold peaked at $1,949.29 on Thursday before an intraday high of $1,935.40 on Friday.

The $1,950 resistance is a key test for gold’s ability to scale towards record highs of above $2,000 an ounce, which it got to in April last year, almost reprising its all-time peak from August 2020. Since this year began, both futures and spot gold have gained more than 5% each.

The main reason for the price retreat from a nine-month high is a result of data that showed the U.S. economy grew more than expected in the fourth quarter, even as underlying trends signalled more weakness. But the reading still triggered a recovery in risk appetite and helped the dollar recover from a near eight-month low against a basket of currencies.

Focus is now on the core Personal Consumption Expenditures price index reading for December, which is expected to have retreated further from the prior month. But the reading is still expected to be well above the Fed’s annual target of 2%.

Gold Price Outlook: Spot gold’s failure to settle the week above $1,932, with its drop to below $1,928, raises the possibility of further descent, said Dixit. He stated, “We could revisit gold’s recent low of $1,916 and extend the decline towards $1,912, followed by $1,900.”

If selling intensifies below $1,900, a further drop to $1,880 and $1,870 can be witnessed, Dixit said. But if spot gold’s bullish trend stays intact, buyers were likely to resurface on the support zone in anticipation of an upshot targeting $1,965 and $1,972, he said.


Follow us for Breaking News and Market Intelligence.
Ajibola Akamo

Ajibola Akamo

Ajibola Akamo is an Investment Analyst, Financial Analyst, Economist and Accountant. You may contact him via his email ajibolaakamo@yahoo.com

Related Posts

Bamboo opens remittance app to send funds to 15 African countries and virtual USD cards
Business News

Bamboo opens remittance app to send funds to 15 African countries and virtual USD cards

June 16, 2025
LemFi acquires fintech pillar to launch Credit Cards for immigrants
Business News

LemFi acquires fintech pillar to launch Credit Cards for immigrants

June 16, 2025
SystemSpecs: The giant powering Africa’s digital future 
Business News

SystemSpecs: The giant powering Africa’s digital future 

June 16, 2025
Air Peace
Aviation

FCCPC summons Air Peace over unrefunded tickets on cancelled flights 

June 16, 2025
FG conducts first-ever entrance exam into technical education Class 1 for 29,256 candidates in Nigeria 
Education

FG conducts first-ever entrance exam into technical education Class 1 for 29,256 candidates in Nigeria 

June 16, 2025
Israel-Iran conflict could trigger drop in FDI, portfolio inflows – SBM Intelligence warns Nigeria, West Africa 
Business News

Israel-Iran conflict could trigger drop in FDI, portfolio inflows – SBM Intelligence warns Nigeria, West Africa 

June 16, 2025
Next Post
CBN, DSS,

CBN recovers N1.9 trillion in two months following design of new naira notes

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Bamboo opens remittance app to send funds to 15 African countries and virtual USD cards
  • LemFi acquires fintech pillar to launch Credit Cards for immigrants
  • SystemSpecs: The giant powering Africa’s digital future 

Follow us on social media:

Recent News

Bamboo opens remittance app to send funds to 15 African countries and virtual USD cards

Bamboo opens remittance app to send funds to 15 African countries and virtual USD cards

June 16, 2025
LemFi acquires fintech pillar to launch Credit Cards for immigrants

LemFi acquires fintech pillar to launch Credit Cards for immigrants

June 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics