Commodities Daily - August 6, 2019
> Oil extends declines amid renewed US-China trade war; EIA monthly report and Bullard speech eyed. We expect Brent to break above $61/bbl later today and hold there. The API US inventory data due overnight is likely to provide further support, with oil inventories continuing to fall toward 400 mln bbl, which we see as a psychologically important level.> Gold holding above $1,460/oz; Bullard speech in focus. Yesterday, amid tailwinds from the growing risks of a currency war, weak macro data from the US and EU provided gold with an extra boost. Today, we expect gold prices to trade sideways in the $1,455-1,465/oz range. If St Louis Fed President James Bullard's speech this evening is decidedly dovish, gold could push toward a test of $1,475/oz.
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