EUROPEAN COMMODITIES UPDATE: Continued commodity pressure with familiar themes in play; delays to EIA

Analysis details (10:45)

WTI and Brent are pressured once more this morning with specific newsflow for the complex limited after the recent sessions focus on US measures to offset fuel price pressures and incremental updates on familiar/expected themes; such as, Germany moving to Stage Two (of Three) of gas status. Currently, the benchmarks are lower by circa. USD 2.00/bbl, the majority of this downside printed during the APAC session in what was a somewhat choppy evening of trade for broader markets. However, the complex did come under further incremental pressure on the release of the morning’s Flash PMI data for France as while expansion continues the internal commentary is increasingly pessimistic; note, the EZ-wide release followed and took a similar tone. Elsewhere, both the Iranian and Russian Foreign Minister have been talking on the nuclear deal in European hours, though the commentary has been in-fitting with existing stances. On the data front, last nights private inventories printed an unexpected build of 5.7M for the headline (exp. -0.6M), while the internals were mixed and contrasted with their respective expectations; ahead, we have the EIA release, however, all the components ex-nat gas are to be delayed due to systems issues. As it stands, a new release time has not been provided. Moving to metals, spot gold is downbeat having dropped back through the DMAs it incrementally surpassed yesterday, with the mornings move on the back on the USD-move in wake of the earlier PMI releases EUR impact.

23 Jun 2022 - 10:45- MetalsData- Source: Newsquawk