Commodities Daily - September 6, 2018
Oil prices slide as storm in Gulf of Mexico abates amid growing demand fears; EIA inventory update eyed. We see Brent falling below $77/bbl later today and striving towards $76/bbl following the EIA release. Technical analysis by Reuters suggests that Brent could fall to the $75.01-76.12/bbl range today, as it cleared the support at $77.5/bbl. Financial woes in Turkey, Argentina, South Africa and Indonesia combined with a looming wave of new US-China trade tariffs are also likely to weigh on oil prices today.Gold pares back losses, but the recovery could prove short-lived. Today's deadline for public comments on tariffs on another $200 bln of Chinese imports and their likely introduction are set to dominate headlines. This morning, gold broke above $1,200/oz, but we expect it to consolidate closer to the $1,195/oz mark later as renewed dollar strength favors risk-off trading.
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