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CPI Miss and Adverse Weather Drives Oil, Gold Higher

  • A sharply more supportive macro backdrop with US CPI inflation surprising to the downside plus cold weather forecasts support commodities today. Weather has additional specific implications for oil as well, with TC Energy’s effects to restart a segment of its Keystone pipeline delayed by bad weather, with the cleanup expected to last weeks.
  • WTI is +3.3% at $75.55, clearing resistance at $75.44 (Dec 8 high) to open the 20-day EMA of $77.74.
  • Brent is +3.6% at $80.80, earlier clearing resistance at $80.81 (Nov 28 low) to open the 20-day EMA of $83.33.
  • Gold is +1.7% at $1811.14 benefiting strongly from dollar weakness and US Tsy yields sliding, clearing key resistance at $1807.9 (Aug 10 high) to open $1833.0 (Jun 29 high).
  • In gas space, EU energy ministers are struggling to agree on a Russia gas price cap as the meeting ran past its scheduled finish according to Reuters.

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