EUROPEAN COMMODITIES UPDATE: Crude clipped as Trump speaks in Saudi, commodities fail to benefit from USD downside

WTI/Brent: -0.5%/-0.5%

• The crude complex is failing to benefit from the weaker dollar, as it gives back a little of Tuesday’s strength with today’s focus on US President Trump in Riyad, where commentary has weighed on benchmarks, currently down by around USD 0.40/bbl on the day.
• Crude edged lower this morning amid constructive language regarding the Middle East from the US President, who announced the lifting of sanctions on Syria, expressed interest in normalizing relations, and emphasized a vision for a peaceful and prosperous region. Additionally, the Syrian President told Trump that he's inviting American firms to invest in Syria's oil and gas sector.
• WTI and Brent are just above session lows, in respective USD 63.19-63.68 and 66.14-66.59/bbl ranges.
• Elsewhere in the complex, Dutch TTF is moving in tandem with crude amid a lack of specific fundamental drivers.
• Focus now turns to any further updates from the US administration, OPEC MOMR (time TBA) and the EIA's inventory data; latter follows a surprise build in headline crude stockpiles via the private survey.

Gold: -0.5%

• Spot Gold, like Crude, is failing to benefit from the weaker dollar, which sees the Dollar index lower by 0.4%.
• While pressured, the benchmark is in a thin c. USD 30/oz band and one that is essentially a repeat of the confines from Tuesday.
• Ahead, fortunes will likely be driven by Fed speak in a session that is otherwise light on scheduled Tier 1 events; Waller due imminently.

3M LME Copper: +0.3%

• Copper is modestly firmer, and trading at session highs as base metals are broadly benefitting from Dollar weakness.
• Support also comes from overnight risk appetite in China, the readacross from this is, thus far, helping to offset the muted risk tone in European markets.