Commodities Daily - February 15, 2019
> Oil up on disruption at large Saudi offshore field, despite global risk-off; US-China trade talks eyed. This morning, despite weaker stocks and a stronger dollar, Brent is hovering just below the $65/bbl mark, supported by news that Saudi Aramco has halted production at a major offshore field. White House advisor Larry Kudlow yesterday confirmed that Robert Lighthizer and Steven Mnuchin will meet with Chinese President Xi today. Despite the fact that Kudlow downplayed the possibility of the March 1 deadline being extended, such an extension still appears likely, especially if there is any progress in the talks. Such an outcome would support oil prices. We expect Brent to hover near the upper bound of the $64-65/bbl range for most of today.> Weak US economic data turns gold around yesterday, boosting it above $1,310/oz. In addition, political news continues to support gold. In the US, Trump is set to declare a national emergency to get more funding for his border wall, while the UK Parliament has rejected the latest version of PM May's Brexit plan.
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