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Crude Pulls Back On US-Iran Proxy Headlines, Gold Less So

COMMODITIES
  • Crude has dropped further today, after headlines the US said it had not seen direct orders from Iran for its proxies to attack US troops. The pressure on oil has eased slightly as negotiations to release Israeli hostages has put the ground invasion of Gaza on hold. Any Crude headlines of de-escalation in the Middle East at present are having a bearish effect on WTI.
  • Vortexa earlier highlighted that global crude in floating storage has declined to a 4-year low of ~63.5million bbls.
  • China tapped into crude stockpiles for the second time in three months in September according to Reuters calculations as they processed record crude volumes while imports dipped.
  • WTI is -2.6% at $85.8, remaining above support at $84.06 (50-day EMA).
  • Brent is -2.3% at $90.06, still above support at $88.08 (50-day EMA).
  • Gold is -0.25% at $1976.42, with no discernible boost from a slide in the USD index in the second half of the session along with a large intraday rally in US yields. Friday’s high of $1997.2 marks resistance whilst it remains off support at $1945.3 (Oct 19 low).
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