Commodities Daily - October 23, 2019

> Oil holds steady despite Brexit uncertainty and API oil stock build; EIA report due for release. We expect the EIA to report a crude stock build of 2-3 mln bbl, which would be slightly below the consensus and less bearish than the API's estimate. Meanwhile, bullish refined product data is likely to strongly overshadow the crude buildup, driving Brent above $60/bbl later in the day, in our view. Under this scenario, Brent would initially encounter technical resistance at $60.3/bbl (the Fibonacci retracement level) and if successful would then confront its 50-day moving average at $60.5/bbl.> Gold inches higher on unrelenting Brexit uncertainty. Today, BoE Governor Mark Carney is scheduled to speak, while investors will also be eyeing eurozone consumer confidence data and US FHFA housing prices. Preliminary October PMIs begin coming in early tomorrow morning with Japan's. The country's leading index will also come out early tomorrow. Investors are beginning to focus more on the Fed's October 30 meeting. We think gold will remain capped slightly below $1,500/oz today.