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Oil Firms Despite Smaller US Inventory Drawdown

COMMODITIES
  • Crude oil prices have edged higher today despite moving lower with EIA data as crude inventories saw a smaller-than-expected drawdown entering the driving season (-1.02M vs -2.046M expected).
  • Prospects for revising the 2015 Iran nuclear deal are seen tenuous at best according to the US Envoy to Iran, Malley, limiting the likelihood for Iranian oil supply coming to market.
  • WTI is +0.7% at $110.53 in what’s been a relatively tight range. It sits below resistance at $113.20 (May 17 high) whilst support remains at $103.24 (May 19 low).
  • Brent is +0.5% at $114.12, equally holding onto recent gains and coming very close to earlier testing $115.69 (May 17 high), clearance of which could have opened a bull trigger close by at $115.76 (Mar 24 high).
  • Gold is -0.6% at $1854.48 in an unwinding of yesterday’s rise as the dollar reversed tracks and moved higher, although the yellow metal has been slow to react to the pop lower in BBDXY on the FOMC minutes.
  • Gold maintains a firmer short-term tone but doesn’t trouble resistance at $1869.7 (May 24 high) or support at $1807.5 (May 18 low).
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