Commodities Daily - October 15, 2019
> Oil slides on US-China trade deal skepticism and weak Chinese data. Today, the oil market awaits an updated US shale output growth forecast for November in the EIA's monthly drilling productivity report. We expect Brent to continue trading in the $58.5-59.0/bbl range, with headwinds coming this morning from a strengthening dollar.> Gold consolidates at $1,490/oz. Yesterday evening reports emerged that the US would be imposing sanctions on a number of Turkish officials and also slapping a 50% tariff on Turkish steel in response to Turkey's military actions in Syria. Also, US tariffs on certain EU goods are due to take effect today. Meanwhile, four key Fed officials are due to speak today. If no political risks emerge, we expect gold to keep trading in the $1,485-1,500/oz range.
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