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Crude Rally Continues As US Mulls SPR Facility

COMMODITIES
  • WTI and Brent crude futures made solid gains Tuesday, extending the recent recovery and narrowing in on both the $84/bbl handle as well as early November highs of $84.88/bbl.
  • 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.
  • However, broad action using the SPR was made more difficult as the EIA forecast a pullback in prices headed into December, while also projecting a rise in oil stocks early next year, against an expected draw at the prior month's report.
  • 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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