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Oil Boosted By Inventory Drop, Gold Surprisingly Resilient To USD Climb

COMMODITIES
  • Crude oil has been buoyed today by the larger than expected draw on US crude inventories (-9,603 vs -1,266 exp), with WTI and Brent front futures reversing yesterday’s decline.
  • The crude draw was driven by an increase in exports back above 5mbpd for the first time since March offsetting higher imports and a drop in refinery utilisation while production remains unchanged. Cushing stocks as expected resumed the trend higher seen since April to the highest since June 2021.
  • UBS on the other hand lowered its Brent oil price forecast for this year and next year with Brent prices now averaging $81/bbl in 2023, - $8/bbl from previous estimates earlier this month.
  • WTI is +2.5% at $69.38, resistance remains $72.72 (Jun 21 high).
  • Brent is +2.2% at $73.84, resistance remains at $77.24 (Jun 21 high).
  • Gold is -0.1% at $1912.15 having proven surprisingly resilient to a stronger US dollar, with some offset from softer Treasury yields. An earlier low of $1903.09 pierced support at $1910.3 (Jun 23 low) which next opens $1903.5 (61.8% retrace of Feb 28 – May 4 bull cycle).
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