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Oil Mixed Whilst Gold Rebounds On Fed Stepdown Talk

COMMODITIES
  • Crude oil is ending a mixed week with a volatile session but one that ultimately sees relatively little change on the day, while gas sees heavy declines on signs of optimism that Europe will make it through the winter along with seasonally warm temperature’s limiting heating demand.
  • Latest on oil, US officials may aim to set a price cap for Russian oil exports above $60/bbl, a higher level than earlier signaled, Schlumberger shares soared after its best profit in seven years whilst raising guidance for 4Q22 and Saudi's energy minister held talks with counterparts from China and India to strengthen cooperation.
  • WTI is +0.3% at $84.74 having not tested resistance at $87.14 (Oct 20 high) nor support at $81.30 (Oct 18 low).
  • Brent is +0.8% at $93.1 having not tested resistance at $95.17 (Oct 12 high) nor support at $88.67 (61.8% retrace of Sep 26 – Oct 10 rally).
  • Gold is +1.5% at $1652.30, having come close to the bear trigger at $1615.0 (Sep 28 low) before surging back on US dollar weakness and yields rallying on relatively more dovish Fed commentary. It stops short of resistance at the 20-day EMA of $1665.7.
  • Weekly moves: WTI -1.1%, Brent +1.7%, Gold +0.5%, US nat gas -23%, EU TTF nat gas -20%

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