Commodities Daily - August 12, 2019
> Oil ticks higher despite IEA's downbeat global demand outlook. Today's agenda is light. Oil investors will be looking out for an updated US shale growth forecast for September in the EIA's monthly drilling productivity report. We think that Brent will keep trading sideways within the current $58-59/bbl range, with headwinds coming from a strengthening dollar.> Gold drops this morning, with several Asian exchanges closed for holidays. Weak macro data from Germany set the tone for the gold market on Friday, while Donald Trump's call for a 1 pp rate cut from the Fed provided a boost. CFTC data published on Friday indicates that hedge fund demand for gold remains high.
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