Commodities Daily - May 15, 2019
> Having surged following attack on Saudi oil facilities yesterday, oil down on bearish API inventory report; IEA and EIA reports in focus. Following the API data, we expect the EIA to report even a slightly larger crude stock build on flat refinery intakes amid higher imports and lower exports. Likely gasoline and distillate builds will also weigh on the oil price today. We expect Brent to dip slightly below $70/bbl later in the day with technical support levels being the 50- and 200-day moving averages of $69.9/bbl and $69.1/bbl. We think that a slight boost to prices could come from the monthly IEA report, which will have been released shortly before publication of this comment.> We see gold moving down to $1,293/oz after surging above $1,300/oz yesterday. What is at least a temporary de-escalation in trade tensions between the US and China could well push gold lower today. The dollar may firm following the releases of retail and industrial output data from the US later today.
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