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US WTI Crude Stockpiles Rising, Palladium Futures, Coffee Futures Approaching 1-year Lows

US WTI Crude Stockpiles Rising, Palladium Futures, Coffee Futures Approaching 1-year Lows| FXMAG.COM
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Table of contents

  1. WTI Crude Oil futures falling
    1. Palladium Futures up overall in 2022
    2. Coffee futures weighed down by strong dollar

Summary:

  • Market concerns about a worldwide recession persisted.
  • Palladium prices have increased by 2.27% since the start of 2022.
  • Coffee prices are driven down by a stronger dollar and an improving crop outlook.

WTI Crude Oil futures falling

Following a near 1% increase in the previous session, WTI oil futures on Wednesday dropped below $85 per barrel as an industry report indicated a significant build in US crude stockpiles and market concerns about a worldwide recession persisted. US crude stockpiles increased by approximately 4.5 million barrels last week, according to data from the American Petroleum Institute, greatly above forecasts for a boost of only over 200,000 barrels. Investors also were worrying about the possibility of a worldwide economic downturn, as this week's weak US data suggested that the recent, abrasive monetary tightening was already having an effect on the economy. As investors considered the OPEC+ plan to cut output by 2 million barrels from November as well as the impending European Union ban on Russian crude in December, oil prices stayed in a sideways trading range for the past five sessions.

us wti crude stockpiles rising palladium futures coffee futures approaching 1 year lows grafika numer 1us wti crude stockpiles rising palladium futures coffee futures approaching 1 year lows grafika numer 1 WTI Crude Oil Futures Price Chart

Palladium Futures up overall in 2022

Increased 42.98 USD/t oz for palladium. Trading on a contract for difference (CFD) that tracks the benchmark market for this commodity indicates the price has increased by 2.27% since the start of 2022.

us wti crude stockpiles rising palladium futures coffee futures approaching 1 year lows grafika numer 2us wti crude stockpiles rising palladium futures coffee futures approaching 1 year lows grafika numer 2 Palladium Dec ‘22 Futures Price Chart

Coffee futures weighed down by strong dollar

Arabica coffee futures on ICE continued to decline, approaching lows not seen in more than a year, as a result of a stronger dollar and an improving crop outlook in top producer Brazil as a result of reports of plentiful rain that may have accelerated flowering for the crop of coffee that will be harvested in 2019. The most recent statistics revealed that on October 13th, ICE-certified arabica stocks reached a new 23-year low of 408,419 bags. Additionally, the largest consumer region in the globe, Europe, is concerned about the demand for coffee due to continued economic issues, according to investment bank Itau BBA.

us wti crude stockpiles rising palladium futures coffee futures approaching 1 year lows grafika numer 3us wti crude stockpiles rising palladium futures coffee futures approaching 1 year lows grafika numer 3 Coffee Dec ‘22 Futures Price Chart

Sources: finance.yahoo.com, tradingeconomics.com


Rebecca Duthie

Rebecca Duthie

Remote Editor and writer Intern
FXMAG.COM

Rebecca has a bachelors degree in Investment Management, a Post Graduate Diploma in Financial Planning and is currently enrolled in a Masters program in International Management with a Specialization in International Finance. 


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