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Crude at Weekly High While US Mulls SPR

COMMODITIES
  • Markets remain on watch for a statement from the White House as the energy secretary earlier in the week flagged possible action from Biden on high gas and fuel prices. Deputy Energy Sec Turk spoke this morning, flagging that oil price forecasts will be a factor in any decision the Strategic Petroleum Reserve, which currently holds a capacity of around 620mln bbls.
  • Oil markets remain undeterred, with WTI and Brent crude futures both in positive territory and eyeing the Nov04 highs at $83.42/bbl.
  • Gold and silver are more rangebound, with precious metals oscillating either side of unchanged. Gold reversed course late last week following the bounce off Wednesday's low of $1759.0.
  • The turnaround reinstates a potential bullish outlook and the yellow metal has traded above $1813.8, Oct 22 high. The breach of this level strengthens a short-term bullish case and signals scope for a climb towards $1834.0, the Sep 3 high.
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