Commodities Daily - July 15, 2019

> Oil prices steady amid bearish IEA report, tropical storm Barry, upbeat Chinese data. Today, the market will be focused on EU foreign ministers' discussion of Iran's violations of the 2015 nuclear agreement, remarks from New York Fed President John Williams and the Empire State manufacturing for July, which is one of the earliest reads into factory activity at the start of 3Q19. Given both the bearish and bullish factors at play, we think that Brent is more likely to continue trading close to $67/bbl today. We expect a fresh push toward $70/bbl following the release of US inventory updates later this week.> Gold stays above $1,400/oz despite upbeat US PPI and Chinese economic data. Today, gold investors will be watching remarks by New York Fed President John Williams and the July Empire State manufacturing index. We expect gold to continue fluctuating around the $1,410/oz mark for the rest of the day today. The latest technical analysis by Reuters suggests that the yellow metal is in a neutral position in a narrow range of $1,404-1,421/oz, with any breakout suggesting a new direction.