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COMMODITIES: Thin Holiday Limits Price Action for Oil and Gold.

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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 has opened this morning in Asian trading with very light volumes at $68.84.
  • Brent opened yesterday at US$72.91, trading down for most of the morning session before a mid afternoon bounce to $73.49 and is opening this morning at $73.17. 
  •  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 finished modestly higher at $2,637.92, a 0.07% gain and has opened marginally stronger in Asian trading at $2,638.73.
  • Uncertainty from the Middle East and Ukraine are never far away, underpinning the safe haven bid for Gold.
  • The upward price movement in gold from earlier in the week has eased somewhat as the pace of the USD rally slowed. 
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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 has opened this morning in Asian trading with very light volumes at $68.84.
  • Brent opened yesterday at US$72.91, trading down for most of the morning session before a mid afternoon bounce to $73.49 and is opening this morning at $73.17. 
  •  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 finished modestly higher at $2,637.92, a 0.07% gain and has opened marginally stronger in Asian trading at $2,638.73.
  • Uncertainty from the Middle East and Ukraine are never far away, underpinning the safe haven bid for Gold.
  • The upward price movement in gold from earlier in the week has eased somewhat as the pace of the USD rally slowed.