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Crude Rangebound Whilst Gold Comes Under Further Post-FOMC Pressure

COMMODITIES
  • Crude has been largely rangebound on the day, relinquishing the earlier gains as the USD index pulled back but ultimately consolidated yesterday’s post-FOMC strength and wider demand concerns offset Russia’s ban on diesel and gasoline exports.
  • Despite the price pull back the market remains over 10$/bbl higher than the low in August with support from OPEC+ cuts and demand optimism for US and China leading to a drawdown in global inventories.
  • Morgan Stanley has raised its Q4 Brent forecast to $95/b, up from $82.5/b, although it remains sceptical that prices could surpass $100/bbl
  • A federal appeals court in New York ruled that Venezuela’s PDVSA is unable to use sanctions as an excuse for not paying $348mn in defaulted debt.
  • WTI is -0.1% at $89.57 as it holds above support at the 20-day EMA of $86.25.
  • Brent is -0.3% at $93.23 as it holds above support at the 20-day EMA of $90.36.
  • Gold is -0.5% at $1920.36, coming under pressure from the sizeable twist steepening seen in Treasuries with longer-dated yields up strongly. It’s a significant retracement off yesterday’s pre-FOMC high of $1947.5, although the low of $1913.98 didn’t test support at $1901.1 (Sep 14 low).
Energy BulletsCommoditiesFOMC Calendar Market NewsMorgan Stanley Market News

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