US WTI Crude Stockpiles Rising, Palladium Futures, Coffee Futures Approaching 1-year Lows
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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.
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.
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.
Coffee Dec ‘22 Futures Price Chart
Sources: finance.yahoo.com, tradingeconomics.com
