Commodities Daily - March 20, 2019
> Oil retreats from YTD highs amid US-China trade deal concerns, despite bullish API report; EIA data and FOMC eyed. In the last four trading days, Brent broke through the $68/bbl mark on two occasions, but in both cases it failed to secure above it. Whether today will finally be the day when Brent settles above $68/bbl will depend on the market reaction to comments from the Fed. We are cautiously optimistic and think that bullish EIA inventory data together with a dovish Fed would provide enough of a boost to push Brent through technical resistance and help it finally hold above $68/bbl.> Gold trading sideways ahead of today's Fed decision. If the Fed delivers on expectations of more dovish rhetoric, gold prices would likely move higher from the current $1,305/oz levels.
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