Commodity Roundup: Natural gas turns out to be more sensitive to geopolitical risks, ING says

seekingalpha11-21 18:57

Oselote/iStock via Getty Images Oil prices rose on Thursday amid rising geopolitical tensions, while U.S. natural gas futures (NG1:COM) surged, boosted by expectations of colder weather at the end of ...

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Metals  Palladium  +0.20% to $1,023.50. Platinum  -0.66% to $951.10. Copper  -1.00% to $4.10.   Agriculture  Corn  +0.31% to $431.57.  Wheat  +0.75% to $556.67.  Soybeans  +0.70% to $997.46.   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At the same time, the supply of feedgas to U.S. LNG export terminals has risen to 14.07 billion cubic feet per day, marking its peak since January 2024 and compared to last week's average of 13.5 billion cubic feet per day. \"Oil prices have been somewhat insulated by the growing tension between Russia and Ukraine. However, natural gas prices have been more sensitive to these developments, while gold, as one would expect, has benefitted from safe-haven demand,\" ING's commodity analysts Warren Patterson and Ewa Manthey said. \"For oil, the risk is if Ukraine targets Russian energy infrastructure, while the other risk is uncertainty over how Russia responds to these attacks. However...Iran’s pledge to stop stockpiling uranium does counter some of the geopolitical risk, with it potentially reducing some of the supply risks related to Iran ahead of President-elect Trump entering office.\" Brent futures (CO1:COM) added +1.55% to $73.94 a barrel, U.S. West Texas Intermediate crude (CL1:COM) gained +1.70% to $69.92 by 5:55 am ET on Thursday.   ING analysts also noted that investment funds remain bullish towards the European gas market, with them increasing their net long by a little more than 47TWh over the last reporting week to almost 273TWh, which is a record high. \"With storage not as high as initially expected going into the winter and a number of supply risks, speculators continue to favour gas from the long side.\" Elsewhere, wheat futures extended their gains to a fifth trading session, driven by a softer U.S. dollar and fears of supply disruptions from the Black Sea region. \"This has been abundant and, above all, cheap until recently, making it difficult for European exporters to bid successfully in the tenders.... However, President Biden's decision to allow Ukraine to use longer-range U.S. missiles to launch strikes deep into Russian territory has increased uncertainty about the availability of wheat from Ukraine and Russia.\" For this reason, the U.S. wheat price on CBOT also rose significantly. \nRecent Commodity Price Movements and A look At Some ETFs  Energy  Crude oil (CL1:COM) +1.70% to $69.92 Natural Gas (NG1:COM) +6.43% to $3.40.   Metals  Palladium (XPDUSD:CUR) +0.20% to $1,023.50. Platinum (XPTUSD:CUR) -0.66% to $951.10. Copper (HG1:COM) -1.00% to $4.10.   Agriculture  Corn (C_1:COM) +0.31% to $431.57.  Wheat (W_1:COM) +0.75% to $556.67.  Soybeans (S_1:COM) +0.70% to $997.46.   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 (NYSEARCA: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 (NYSEARCA:UNG) U.S. Gasoline Fund, LP ETF (UGA)  Agriculture ETFs:  Invesco DB Agriculture Fund ETF (DBA) Teucrium Soybean ETF (SOYB) Teucrium Wheat ETF (WEAT)","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485462865"}