Commodities Daily - February 22, 2019
> Oil shrugs off stock market correction; EIA inventory data mixed. In addition to the weekly Baker Hughes rig data, investors today will continue to digest the latest comments from ECB and Fed speakers. We do not expect strong enough drivers to push Brent out of its current $66-68/bbl range, which is shaped by technical factors.> Gold continues to decline in the wake of Wednesday's Fed minutes. This morning, gold is trading in a range of $1,324-1,326/oz. Today's main events are a Mario Draghi speech in Bologna and Donald Trump's meeting with Chinese trade representatives. We expect gold to trade sideways unless major political headlines emerge.
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