Crude Oil Up Ahead of Inventory Numbers

Commodities - Energy

Crude Oil Up Ahead of Inventory Numbers

Crude Oil (WTI)      $73.57       +$0.71      +0.97%
Crude oil prices are up ahead of the EIA Petroleum Status Report tomorrow. The API survey is hinting at a slightly bullish report (API: Crude -1418K, Gasoline -962K, Distillate +852K versus 5-Yr Average: Crude -754K, Gasoline +1451K, Distillate +1770K). Nevertheless, inventories remain extremely elevated across the OECD. Without a large surprise in the release, oil is likely to continue its recent pattern of ignoring the inventory report altogether. Expect prices to continue to gyrate between $69.50 support and $75.00 resistance until a catalyst emerges.


                                                                                                                                                                                                    

Commodities - Metals

Gold in a Holding Pattern, as Iran Set to Buy

Gold $1222.65          -$0.80        -0.07%
After rallying for seven straight sessions, gold prices fell for the first time on Wednesday, albeit very slightly. Currently we are seeing more of the same listless trading action. Of note, yesterday we learned that Iran plans to sell 45 billion Euros worth of reserves to buy dollars and gold. The Euro liquidation theme will probably play out over months and years and gold stands to benefit. With regard to technicals, support remains $1166 with resistance at the all-time highs near $1250.

Silver      $18.38       +$0.03      +0.16%
Silver fell for the second day in a row on Wednesday, as prices failed to break $18.50 resistance. The downside is still favored with initial support at $18.00, followed by $17.38.


                                                                                                                                                                                                        

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