Commodities Daily - November 26, 2019
> Oil trades sideways as investors digest latest news on US-China trade deal. Today will see the release of US wholesale inventories, FHFA housing prices, new home sales and November consumer confidence data. The consumer confidence data will be of most importance for the oil market. We expect it to improve m-o-m albeit slightly, providing mild support for oil prices. The API inventory data will be released overnight, and we anticipate a weekly crude oil stock build of around 3 mln bbl. We expect Brent to once again attempt but fail to secure above the $64/bbl mark amid the latest upbeat trade war headlines, with major technical resistance at $64.14/bbl and $64.55/bbl.> Gold continues falling this morning after Powell speech failed to provide optimism. Positive news flow about the US-China trade negotiations continues, but details are still lacking. US economic data will be the focus today. Our FX analysts believe the data will push the dollar stronger. In that case, we would expect the pressure on gold to build, driving a drop to $1,440-1,445/oz.
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