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Hawkish FOMC Rhetoric Takes The Wind Out Of Oil, Gold

COMMODITIES
  • Crude Oil has slipped circa 1% today, with declines starting ahead of EIA inventories data that unwound gains through the European session, continuing to trend lower after some volatility on the release and then with a further tilt lower on hawkish FOMC projections.
  • There was a larger than expected build in crude stocks, whilst diesel crack spreads fell back from earlier gains after a drop in implied demand. The crude build was driven by a large fall in refinery utilisation and despite higher exports with another large increase in the unaccounted oil adjustment. Cushing stocks were the highest since June 2021 after another build this week. The fall in refinery utilisation reflects outages in the week as well as the 240kbpd inclusion of the new Beaumont crude unit.
  • WTI is -1.1% at $68.41 having lifted circa $50 cents off post-FOMC lows but doesn’t trouble support at $66.80 (Jun 12 low).
  • Brent is -1.0% at $73.53 after a similar bounce to WTI and again, doesn’t trouble support at $71.50 (May 31 low).
  • Gold is +0.1% at $1944.7 after a mixed session with a paring of post-PPI gains after the FOMC decision saw an increase in front end Treasury yields and some trimming of earlier USD weakness. It remains above support at $1932.2 (May 31 low).
Energy BulletsCommoditiesFOMC Calendar Market News
Energy BulletsCommoditiesFOMC Calendar Market News

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