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US Stock Build Helps Erase Crude Gains

COMMODITIES
  • Crude has erased all its earlier gains, seemingly helped by a build in US stocks despite one being expected, although with the intraday decline halted by a tailwind from the softer USD index following a dovish leaning Powell.
  • Earlier gains had come Iran’s Supreme Leader Ali Khamenei for Muslim countries to stop oil exports to Israel boosted prices.
  • Iran's IRGC-linked Tasnim News Agency reporting comments from Supreme Leader Ayatollah Ali Khamenei calling for the export of oil and food to Israel to be cut and arguing that Muslim countries should halt economic cooperation with Israel amid the widening IDF ground offensive into Gaza.
  • EIA Weekly US Petroleum Summary - w/w change week ending Oct 27: Crude stocks +773 vs Exp +1,001, Crude production 0, SPR stocks 0, Cushing stocks +272
  • WTI is -0.2% at $80.85 with an earlier low of $80.33 coming close to a key support at $80.20 (Oct 6 low).
  • Brent is -0.05% at $84.98 with an earlier low of $84.63 coming close to support at $84.09 (Oct 11 low) after which sits a bear trigger at $82.20 (Oct 6 low).
  • Gold is -0.3% at $1978.53, having not troubled support at $1947.0 (20-day EMA) or resistance at $2009.4 (Oct 27 high).
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