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Inventories Prove Supportive, Oil Hot Streak Extends

COMMODITIES

WTI and Brent crude futures crested at new cycle highs again Wednesday, resulting in nine consecutive days of gains for oil. Today's DoE inventories figures were the primary driver, with this week's number showing a draw of near 7mln bbls in headline stocks and an uptick in refinery utilisation. This narrows the gap for WTI with the psychological $60/bbl handle, which could prove key going forward.

Gold and silver had a largely inside session, with gold advancing slightly while silver sustained minor losses. Recent ranges were, however, respected to leave the directional parameters in tact. The 200-dma continues to act as a decent level for gold, today crossing at $1855.59.

Energy BulletsCommodities
Energy BulletsCommodities

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