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Gold Clears Bull Trigger On Powell, Crude Slips On Inventory Build

COMMODITIES
  • Crude oil more than reverses yesterday’s gain, sliding through the second half of the session in a move that appeared to be ignited by EIA data showing a larger than expected crude build, before a late bounce off lows with risk supported through Fed Chair Powell’s press conference.
  • The Iraq oil ministry then was quoted as saying OPEC+ has decided to keep its output levels unchanged as broadly expected, whilst Reuters reports the EU aims to agree a price cap on Russian oil products on Friday after postponing a decision today amid divisions between member states.
  • WTI is -2.3% at $77.04 having earlier cleared support at $76.53 (61.8% of Jan 5-18 bull leg) before bouncing. It opens next support at $72.74 (Jan 5 low).
  • Brent is -2.4% at $83.38 having come close to testing support at $82.06 (61.8% of Jan 5-23 rally).
  • Gold is +1.2% at $1951.73 on post-FOMC presser USD weakness, pushing through the bull trigger of $1949.2 (Jan 26 high) to open $1963.0 (76.4% retrace of Mar – Sep 2022 bear leg).
Energy BulletsCommoditiesFOMC Calendar Market News
Energy BulletsCommoditiesFOMC Calendar Market News

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