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WTI Slides On Large Inventory Build, Gold Can't Shake Off CPI Hit

COMMODITIES
  • WTI furthered its losses during US hours, more than reversing yesterday’s gains, after the latest weekly EIA petroleum data showed a significantly larger build in US crude inventories.
  • EIA Weekly US Petroleum Summary - w/w change week ending Feb 09: Crude stocks +12,018 vs Exp +3,299, Crude production 0, SPR stocks +746, Cushing stocks +710
  • The oil Ministries of both Kazakhstan & Iraq said Feb. 14 that they will compensate for its overproduction in January over the next four months, as part of its OPEC+ obligations.
  • A brent price above $90/bbl would more adequately reflect current fundamentals and risk to the oil markets according to Paul Horsnell, Standard Chartered’s head of commodities research.
  • WTI is -1.6% at $76.60 off a high of $78.77 that had taken a step closer to a next key resistance at $79.29 (Jan 29 high).
  • Brent is -1.45% at $81.57, also pulling back off $83.60 and away from a key short-term resistance at $84.17 (Jan 29 high)
  • Gold is -0.1% at $1991.08, seeing little respite from a lower dollar today after yesterday’s CPI-induced rout for the yellow metal. Key support is seen at $1973.2 (Dec 13 low).
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