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USD Strength Trims Crude Oil Gains And Weighs Heavily On Gold

COMMODITIES
  • WTI has reversed earlier gains to be trading lower amid strong gains in the USD and wider economic concerns. The fall is despite falling output from US shale production and Middle East risks to supplies.
  • North Dakota oil output has further declined by 600-650kbpd due to the ongoing cold spell, Justin Kringstad, director of state’s pipeline authority, said, cited by Bloomberg.
  • Crude output from US shale production is forecast to fall by 2k b/d to 9.68m b/d in February, according to the EIA’s monthly Drilling Productivity Report.
  • Wires carrying comments from Reuters reporting that according to unnamed US officials, the US military has on Tuesday carried out a new strike on Houthi anti-ship missiles in Yemen.
  • A large numbers of merchant ships continue to transit the Bab el-Mandeb strait despite the potential threat of Houthi attacks and warnings to avoid the area, but Shell suspended all shipments via the Red Sea route indefinitely.
  • WTI is -0.2% at $72.52 although Brent is +0.3% at $78.37, with both within recent ranges.
  • Gold is -1.5% at $2027.35 as it wilts under USD pressure, which received a furher boost after the Fed’s Waller pushed back on the speed of rate cuts priced. It’s move closer to support at $2016.8 (50-day EMA) closely followed by $2013.4 (Jan 11 low).
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