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WTI Remains Bullish, on Track for Cycle High Close

COMMODITIES
  • WTI and Brent crude futures recovered off the overnight low to head into the Tuesday close in positive territory, allowing the underlying trend to stay bullish for now. WTI failed to break to a new cycle high (that remains at yesterday's $85.41) but remains on course for a new cycle high close.
  • Focus turns to Wednesday's DoE inventories release, with markets expecting a build of 1.4mln bbls, while both gasoline and distillates are expected to see draws of over 2mln bbls apiece.
  • Gold came under some pressure alongside the US open, with spot prices slipping back below the $1,800 handle to expose first support at the 50-day EMA of $1776.1. Recent weakness works against the positive short-term tone after gold cleared resistance at $1800.6, Oct 14 high. A break of $1760.4, the Oct 18 low would alter the picture and suggest scope for a deeper pullback.
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