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Gold Surges On Post CPI USD Slide But Only Fleeting Impact On Crude

COMMODITIES
  • Crude has erased all earlier gains, as a tailwind from the weaker dollar after softer than expected US CPI has proven short-lived despite the USD index extending lows.
  • Global oil demand growth for this year has been revised up again by 100kbpd to 2.4mbpd to reach 102mbpd, with Chinese demand accounting for 1.8mbpd of all growth, according to the IEA Monthly Oil Market Report.
  • The EU's top diplomat, Josep Borrell, has told reporters, after a meeting of EU foreign ministers today, that EU officials are "finalising" the "last details" of the 12th package of sanctions on Russia, expected to include a ban on Russian diamonds and measures to tighten enforcement of the price cap on Russian oil.
  • Works to expand the Trans Mountain Pipeline project are allowed to restart Nov. 14, according to Reuters.
  • WTI is -0.05% at $78.22, off an earlier high of $79.48 that moved closer to $80.20 (Oct 6 low).
  • Brent is -0.1% at $82.44, off a high of $83.75 that had seen a step closer to resistance at $84.71 (20-day EMA).
  • Gold is +0.8% at $1963.29 as it surges on that USD weakness and a tumbling of US Treasury yields after the CPI report. Prior heavy waekness for the yellow metal means it is still below resistance at $1978.4 (Nov 7 high) although it did touch an earlier high of $1970.94.
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