Commodities Daily - February 27, 2019
> Oil ticks higher amid weaker dollar, bullish API report and likely OPEC+ deal extension; upbeat EIA data eyed. This morning, the Saudi Energy Minister said he sees the likelihood of an output cut extension in 2H19, which directly contradicts US President Trump's recent oil price bearish Twitter comment ("Oil prices getting too high. OPEC, please relax and take it easy.") This, along with a very bullish EIA inventory report, could take Brent toward $67/bbl later in the day, in our view.> Gold remains above $1,325/oz. Fed Chairman Jerome Powell will wrap up his two days of testimony before the US Congress today in front of the House Financial Services Committee. His comments to the Senate Banking Committee yesterday had little effect on gold prices. We expect gold to continue trading sideways within a range of $1,323-1,330/oz today.
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