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Oil Still Supported, But No New Cycle Highs Yet

COMMODITIES
  • Both WTI and Brent crude futures remain stronger ahead of the NY crossover, with both benchmarks higher by over 1% apiece. WTI made a decent test on the $66/bbl mark, before faltering slightly, leaving cycle highs printed earlier this week out of reach for now.
  • Yesterday's DoE inventories data was another supportive factor behind today's strength - again there was a sizeable build in inventories - likely on refining infrastructure still playing catch-up after the big freeze in the Southern states. But a considerable draw in gasoline inventories was the market focus: near 12mlnbbls vs. Exp. 2.5mln.
  • Gold and silver trade with minor gains of 0.5% or so, with the small gains largely down to greenback weakness. Some upside sentiment for gold is also stemming from the bullish engulfing candle posted on Tuesday, opening the 20-day EMA at $1753.20 as the next key level.
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