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Crude Nearly Tests Important Support, Gold Surprisingly Resilient

COMMODITIES
  • Crude edged back down after finding some earlier support amid global demand concerns and some tentative supply optimism. Current weakness is due to economic concerns in US and China combined with high flows out of Iran, optimism around a return of Iraqi flows via Turkey and the possible temporary lifting of US sanctions against Venezuela.
  • Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan said the Kingdom has efficient tools to stabilize the energy market during the BRICS summit.
  • Political Risk: BRICS Invite Six Nations To Become Members, Inc. Saudi & Iran.
  • OPEC’s core members may need to consider further production cuts as some of the group’s most troubled nations - Iran, Iraq, Libya, Nigeria and Venezuela - achieve unexpected supply growth, Ed Morse, Citigroup’s head of commodities research, said.
  • WTI is -0.2% at $78.74 off a low of $77.59 that came close to support at $77.42 (50-day EMA).
  • Brent is -0.2% at $83.03 off a low of $81.97 that came close to support at $81.68 (50-day EMA).
  • Gold is +0.1% at $1917.17, in surprising resilience considering the renewed push higher in the USD index and higher Treasury yields. It was revealed today that the Polish central bank made its biggest gold purchases in four years in July, boosting its share to more than a tenth of reserves.
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