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WTI, Brent Off Highs After Solid Tuesday Gain

COMMODITIES
  • WTI and Brent crude futures sit in minor negative territory, but are holding the bulk of the Tuesday rally, with a modest advance in the greenback and profit-taking easing the energy complex this morning.
  • Focus remains on possible US action to combat high gas and fuel prices, after the White House yesterday confirmed there would be no imminent release from the Strategic Petroleum Reserve to quell prices.
  • Additionally, broad action using the SPR was made more difficult as the EIA forecast a pullback in prices headed into December, while also projecting arise in oil stocks early next year, against an expected draw at the prior month's report.
  • Gold is holding onto the bulk of recent gains and the outlook remains positive following last week's bounce from $1759.0, Nov 3 low. The turnaround reinstates a potential bullish outlook and the yellow metal has traded above $1813.8, Oct 22 high.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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