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Oil Slides On Demand Concerns, Gold Hit By FOMC Minutes

COMMODITIES
  • Crude oil sees a more meaningful decline, based on weak demand against a backdrop of further hawkish Fed repricing seen in recent days, plus also healthy supplies despite a strong US refinery maintenance season. Russian oil output has remained stronger than expected so far following EU and G7 sanctions which came into effect on 5 Dec for crude and 5 Feb for products.
  • The US-centric nature of demand concerns plus small SPR release expected this year is driving WTI lower compared to brent with the spread earlier hitting lows this month at -$6.76/bbl.
  • WTI is -3.3% at $73.83 with losses potentially increased further with the clearance of support at $75.32 (Feb 17 low) to open $72.25 (Feb 6 low).
  • Brent is -3.1% at $80.47, through support at $81.80 (Feb 16 low) to open $79.10 (Feb 6 low).
  • Gold is -0.6% at $1824.65, sliding later in the session on renewed USD strength after the FOMC minutes, but for now remaining off support at $1819.0 (Feb 17 low).
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