Commodity week roundup

Energy

Oil prices were strong again this week after demand continues to rise but supply is still struggling with supply bottlenecks.

Brent crude oil could close the week with 1.52% in the plus at $79.28 per barrel.
WTI crude oil has the week with a plus of 2.57% to close at $75.88.

OPEC+ will discuss on Monday whether to further increase oil production. Earlier in the year, OPEC+ had already increased oil production by 400,000 barrels per day. As demand continues to increase, OPEC+ is now considering increasing oil production even further.

The topic of uranium has become quiet at the moment after a steep price increase within a few weeks. The price of uranium is currently at $43.

Is this already the end of the uranium mania?

We believe that the topic of uranium is just beginning. Uranium is the cleanest and most reliable energy source. Nuclear power plants are again being considered as a serious alternative in many countries, including the UK and some parts of the U.S. It’s about time, given the fatal movement toward unreliable energy sources like solar and wind. The price of uranium and the shares of uranium producers may rise significantly in the next few years.
The only bearish case that could happen would be a nuclear accident.

Natural gas remains a hot topic, especially in large parts of Europe. The energy crisis has already hit most parts of the world, including China. The Chinese government recently warned its energy producers to avoid power outages at all costs. Natural gas is still below $6 at $5.54 per MMBtu, but this week it has gained a decent 7.92%.

Precious Metals

The gold price was this week torn back and forth but could gain at the end of the week and ended the week at $1761.20 per ounce.

The silver price could also gain to $22.56 per ounce.

The platinum price closed at $972.40 and palladium at $1900.00.

Inflation fears are back after the Fed has finally realized that printing trillions of U.S. dollars will raise inflation in the long term. Fittingly, the statement of Fed Chairman Powell for the inflation is now frustrating, after it was transitory for a long time. The inflation figures in Germany continue to give the Germans the certainty that their purchasing power continues to decline. At 4.1%, inflation is higher than it has been for a long time. Experts predict even higher inflation.

Since it only makes sense to put back some gold in the portfolio as a hedge.

Base Metals

The power outages in China discussed above sent base metals down this week. Many regions in China that are part of the manufacturing industry suffered production stoppages. The base metals suffer from this this week.

Copper prices softened this week to $9137.85 per ton.

Aluminum prices are down 1.88% to $2847.17 per ton.

Nickel prices drop to $18123.50 per ton.

Iron ore prices drop to 119.65 per ton.

Zinc prices drop to 2990.00 per ton.

Tin prices fall to $35575.00 per ton.

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