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Crude Reverses Gains With FOMC Decision, Gold Relatively Resilient

COMMODITIES
  • Crude has reversed earlier gains to be trading lower on the day after after FOMC kept the door open for further rate rises and offered a hawkish dot plot with the 2024 rate projection pushed 50bps higher.
  • EIA data which showed larger than expected stock draw provides some upside. w/w change week ending Sep 15: Crude stocks -2,136 vs Exp -718, Crude production 0, SPR stocks +600
  • GS raised its forecast for Brent crude over a twelve-month period by $7/bbl to $100/bbl because of rising demand and supply restrictions by OPEC+, analysts including Daan Struyven and Callum Bruce said in a note.
  • Gazprom expect global oil demand to continue growing until at least 2030, Gazprom Neft CEO Alexander Dyukov told reporters.
  • Russia’s oil output is seen falling to 527m tons this year, down from 535m tons last year amid OPEC+ production cuts, Deputy Prime Minister Alexander Novak said.
  • WTI is -1.0% at $90.28, back near the day’s lows. The recent drive higher means that support isn’t seen until $86.53 (20-day EMA).
  • Brent is -1.1% at $93.34, with support next at $90.37 (20-day EMA).
  • Gold is +09.24% with earlier gains trimmed by a rebounding USD index following the FOMC decision. It earlier easily pushed through resistance at $1939.0 (Sep 5 high) for a high of $1947.36 which took a step nearer a key resistance at $1953.0 (Sep 1 high).
  • MNI COMMODITY WEEKLY: Bank Forecasts Mixed for $100/bbl Oil - https://enews.marketnews.com/ct/x/pjJscQCIl-0I6ahudxoiTg~k1zZ8KXr-kA8x6nHWpalptIPjO1OcQ

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