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Speculation Re: Sydney COVID Cases


Futures Off Lows, Curve Still Steeper


Both WTI and Brent crude futures sit in positive territory early Wednesday despite a firmer greenback ahead of the NY open. Brent futures outperform somewhat, with markets hitting new weekly highs and the best level since Jan20. Focus turns to the weekly DoE crude oil inventories numbers, as markets expected a build of just shy of 400,000 bbls today.

Gold is under pressure ahead of the COMEX open, with broad based USD buying largely responsible. Spot gold now trades below the 200-dma support of 1849.38, with Jan22 low at 1837.46 now in view.