Commodities Daily - January 24, 2019
> Oil continues to slide; Iran, Venezuela and EIA inventory data in focus. We expect Brent to surge toward $62/bbl today ahead of the EIA inventory data (due at 19:00 Moscow time) on the increasing likelihood of severe sanctions on Venezuelan oil, and then retreat to below $61/bbl on bearish inventory figures.> Gold trading sideways this morning at just above $1,280/oz amid weaker dollar. Yesterday, a top White House economic advisor warned that if the shutdown continues until March the US could be facing zero GDP growth in 1Q19. Meanwhile, two bills that could end the shutdown will be voted on in the Senate today. > Base metals consolidate ahead of news on progress of US-China talks. Prices opened lower morning, with zinc losing 0.6% and nickel down 0.6%. OFAC has yet to comment on the situation around sanctions against Rusal, the latest deadline for which is January 28. Aluminum remains around $1,900/tonne.
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