IEA

Oil markets are balancing tighter Middle East supply risk against a weaker global demand outlook, leaving WTI and Brent in consolidation zones. Natural gas has broken key support as U.S. storage conditions and technical selling keep pressure on prices.

Silver’s advance stalled after a move to $66.80 as a resilient dollar offset support from softer inflation data and lower September rate-hike expectations. Traders are now watching whether the metal can reclaim upside momentum or slip back toward key moving-average support.

Spot gold eased Thursday after reaching $4,449.83, its highest level since June 5, as buyers struggled to extend the rally despite softer inflation signals and lower Treasury yields. Technical traders are watching whether a bearish closing price reversal develops, with resistance near $4,481.78 and $4,501.24 and support clustered around the 50-day moving average.

Energy markets are caught between a sharp U.S. crude inventory build, softer demand expectations and uncertain Gulf supply flows. WTI, Brent and natural gas remain technically constructive, but buyers still need confirmation at key resistance levels.