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Mixed Session For Crude, Gold Tests Resistance With Softer USD

COMMODITIES
  • A mixed session for crude oil, quickly sliding ahead of the BoC decision before guidance of a pause helped risk assets recover with the USD weakening and equities firming.
  • This was then followed by more idiosyncratic and mixed price action, with crude markets gaining and product markets falling after EIA data showed a smaller recovery in refinery utilisation than expected, strong crude exports and weak product demand.
  • Elsewhere in oil news, Crude flows from Russia to India are set to top 1.5 million barrels a day this month, up from virtually zero less than a year ago according to Bloomberg vessel tracking and setting a new record monthly pace.
  • WTI edges +0.4% higher at $80.46. Resistance remains at $82.66 (Jan 18 high) and support at $78.45 (Jan 19 low).
  • Brent +0.2% at $86.31 and as with WTI, resistance remains at $89.18 (Dec 1 high) with support at $84.27 (20-day EMA).
  • Gold is +0.2% at $1941, gaining later in the session as the dollar continues to weaken. A high of 1942.04 sees it come close to testing resistance at yesterday’s high of $1942.5, after which sits $1963.0 (76.4% retrace of Mar -Sep 2022 bear leg).
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