Commodity Roundup: All eyes on Fed, JPM sees oil at $86 at year end (Commodity:CO1:COM)

Brent crude prices eased on Wednesday, retreating from a 10-month high, and on track for a second day of decline, as investors book profit following the recent run to $95/barrel, and position for the Federal Reserve policy decision at 2 p.m. ET.

Further price gains in oil may be limited as most bullish cues—both macro and micro—for the market have been exhausted for now, J.P. Morgan Commodities Research said, adding, end-year target remains $86/bbl, while acknowledging that the path to this target can take different shapes.

Gold prices meanwhile were little changed as traders avoided big bets ahead of Fed’s rate decisions, followed by the Bank of England on Thursday and the Bank of Japan on Friday.

In industrial metals, copper futures ticked lower, as rising energy prices stoke fears of high inflation, and optimism around recent strong Chinese data fade.

Elsewhere in the agriculture market, Nigeria’s National Cocoa Association has said that domestic cocoa production for 2023/24 will be impacted by heavy rainfall and black pod disease, making it difficult for the association to come up with the production forecast for the season, ING reported.

Recent Commodity Price Movements

• Energy

  • WTI Crude Oil (CL1:COM) -0.78% to $89.77.
  • Natural Gas (NG1:COM) -3.61% to $2.75.

  Metals

  Agriculture

  • Corn (C_1:COM) +0.07% to $476.58.
  • Wheat (W_1:COM) +2.05% to $595.95.
  • Soybeans (S_1:COM) +0.21% to $1,318.25

  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 (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 (UNG)
  • U.S. Gasoline Fund, LP ETF (UGA)

  Agriculture ETFs:

  • Invesco DB Agriculture Fund ETF (DBA)
  • Teucrium Soybean ETF (SOYB)
  • Teucrium Wheat ETF (WEAT)
  • Teucrium Corn Fund ETF (CORN)