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Crude Buoyed By Large Stock Draw, Gold Slips Nearer To Support

COMMODITIES
  • WTI continues to trade higher on the day with China stimulus measures helping early on and then in particular larger than expected US crude stock draws, although it has relinquished some of its earlier gains.
  • EIA Weekly US Petroleum Summary - w/w change week ending Jan 19, Crude stocks -9,233 vs Exp -908, Crude production -1,000, SPR stocks +920, Cushing stocks -2,008.
  • North Dakota oil production disruption drops further Wednesday to around 170-220kbpd according to the pipeline authority.
  • The first oil from the expanded TMX pipeline in Canada is expected to be loaded onto a ship at Vancouver in April, according to Jason Balasch, Trans Mountain’s senior director of business development, cited by Bloomberg.
  • WTI is +1.02% at $75.13 off a high of $75.84 which took a step closer to the bull trigger at $76.31 (Dec 26 high).
  • Brent is +0.6% at $80.06 off a high of $80.73, hitting resistance at $80.75 (Jan 12 high) and still a little way off the key resistance at $81.45 (Dec 26 high).
  • Gold is -0.84% at $2012.31, having traded poorly through the cash equity open before extending declines on the solid US PMI data on top of a stabilisation of the greenback in FX markets. It takes a large step closer to support at $2001.9 (Jan 17 low).
Energy BulletsCommoditiesCanada Bank of Canada Market News
Energy BulletsCommoditiesCanada Bank of Canada Market News

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