Commodity Report – 23 October 2013 Daily Commentary West Texas Intermediate oil fell for a third day as supplies rose in the U.S., the world’s biggest consumer of crude. Futures dropped as much as 0.3 percent in New York. Crude inventories in the U.S. increased by 3 million barrels last week, data from the American Petroleum Institute show. A government report today is projected to show stockpiles climbed by the same amount, advancing for a fifth week, according to a Bloomberg News survey. WTI’s discount to London-traded Brent oil widened to the most since April. WTI for December delivery lost as much as 27 cents to $98.03 a barrel in electronic trading on the New York Mercantile Exchange. The November contract expired yesterday after falling $1.42 to $97.80 a barrel. Brent for December settlement dropped 6 cents to $109.91 a barrel on the London-based ICE Futures Europe exchange after gaining 33 cents yesterday. The European benchmark crude ended the session at a $11.67 premium to WTI, expanding a third day. Today’s Outlook Crude Oil continued its downward trend yesterday and the floor doesn’t seem to be in sight. We would expect further downside in the coming days and break below $98 can lead to slide towards $95. Copper prices look set to extend its gain in the coming days. We continue to advise our readers to initiate long positions in Copper on any kind of intraday declines. ---------------------------------------------------------------------------- Disclaimer: This report has been prepared by AUM CAPITAL and the information contained herein is from the public domain or sources believed to be reliable. While reasonable care has been taken to ensure that information given is at the time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of the report it cannot be warranted or represented that it is accurate or complete and it should not be relied upon as such. AUM Capital, its directors and employees will not be in anyway responsible for the contents of this report.
Posted on: Wed, 23 Oct 2013 04:28:57 +0000
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