CRUDE OIL UPDATE 1
1 Comments for:
Inventories (DOE U.S.):
Crude Oil out at 1385K vs. 500K exp
Gasoline out at 294K vs. 1500K exp
Distillate out at 1691K vs. 1500K exp
Refinery Utilization out at 0.58% vs 0.13% exp
posted by GoldTrade @ 7:35 AM
1 comments
1 Comments:
The inventory plays important role in managing the spot market price of Crude. The higher than expected inventories suggest that economic engine is not assuming desired level of productivity as against the Refinery Utilization which is the case anyhow. However, given the series of economic indicators in recent days, we can find that the growth is adequate and a process of soft landing is underway. However, inflationary pressure is also seen which results in hiking of interest rate.
In nutshell, the $ will go strong, Crude a bit softer followed by Gold softening.
Medium term expectations of gold is bullish...crossing 589.
Good luck
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