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COMMODITIES: OIL + GOLD :   Little Changed on Low Volumes Ahead of Weekend.    

COMMODITIES
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  • Oil markets were quiet given the holiday in the US with both WTI and Brent trading in tight ranges.
  • OPEC+ meeting has been delayed and is now set to be held on December 5.
  • It is expected that the meeting will confirm that any supply increases will be delayed for some time.
  • WTI opened yesterday at $68.76 trading down to a low of $68.27, before rebounding back to $69.30.  It had opened this morning in Asian trading with very light volumes at $68.84, before trading up to $69.19.
  • WTI is set to finish the month -1.85% lower as tensions in the Middle East cool, US stockpiles rise and OPEC+ meet to decide on whether to increase output. 
  • Brent opened yesterday at US$72.91, trading down for most of the morning session before a mid-afternoon bounce to $73.49 and opened this morning at $73.17, before rising to $73.38.
  • Brent is to finish the month +0.23% higher.  
  • US crude inventories fell by 1.8m barrels last week, marking the first decline in three weeks.
  • Gold eked out gains yesterday following on from the US inflation data print.
  • The probability for a December rate cut improved somewhat as core personal consumption was in line with expectations.
  • Gold opened marginally stronger in Asian trading at $2,638.73, before climbing to $2,660.90.
  • For the month, Gold is set to finish 3.00% lower. 
  • Uncertainty from the Middle East and Ukraine are never far away, underpinning the safe haven bid for Gold but as tensions appear to be cooling, the bid has lost some of its lustre. 
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  • Oil markets were quiet given the holiday in the US with both WTI and Brent trading in tight ranges.
  • OPEC+ meeting has been delayed and is now set to be held on December 5.
  • It is expected that the meeting will confirm that any supply increases will be delayed for some time.
  • WTI opened yesterday at $68.76 trading down to a low of $68.27, before rebounding back to $69.30.  It had opened this morning in Asian trading with very light volumes at $68.84, before trading up to $69.19.
  • WTI is set to finish the month -1.85% lower as tensions in the Middle East cool, US stockpiles rise and OPEC+ meet to decide on whether to increase output. 
  • Brent opened yesterday at US$72.91, trading down for most of the morning session before a mid-afternoon bounce to $73.49 and opened this morning at $73.17, before rising to $73.38.
  • Brent is to finish the month +0.23% higher.  
  • US crude inventories fell by 1.8m barrels last week, marking the first decline in three weeks.
  • Gold eked out gains yesterday following on from the US inflation data print.
  • The probability for a December rate cut improved somewhat as core personal consumption was in line with expectations.
  • Gold opened marginally stronger in Asian trading at $2,638.73, before climbing to $2,660.90.
  • For the month, Gold is set to finish 3.00% lower. 
  • Uncertainty from the Middle East and Ukraine are never far away, underpinning the safe haven bid for Gold but as tensions appear to be cooling, the bid has lost some of its lustre.