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Supply Scramble Persists, As Colonial Pipeline Plans Eyed

COMMODITIES
  • A supply crunch in the Southern US states and sporadic reports of panic buying continues to support gasoline prices, with RBOB gasoline prices support above $2.10/gallon. Focus turns to the plans expected to be outlined by the Colonial Pipeline CEO later today, at which the company are expected to confirm plans to return pipelines back to full capacity.
  • Elevated gas prices have bled through into WTI and Brent crude futures, which are both headed higher into Wednesday's NYMEX open.
  • Precious metals are in minor negative territory, with gold off around 0.2% and inline with Tuesday's open. Markets remain a little firmer off the Tuesday low at $1,818.13, which undercuts as first support. Silver sees similar weakness, keeping the gold/silver ratio unchanged.
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