EUROPEAN COMMODITIES UPDATE: Crude futures slip with reports of the 19th sanctions package delayed

Crude Oil: WTI Oct -0.6% Brent Nov -0.6%

• Subdued trade with aggressive losses seen around the time of the European cash equity open which also came despite USD weakness.
• One of the bearish factors could be reports that the 19th EU sanctions package against Russia is no longer expected to be presented on Wednesday, via Politico citing an EU diplomat (since corroborated by other reports); no detail on when the sanctions would be unveiled.
• Meanwhile on the ground, Ukraine's military says it struck Russia's Saratov oil refinery (140k BPD) in an overnight attack, whilst Russia said its drones have struck a Ukrainian gas distribution station reportedly used by the military.
• Elsewhere, Israel has launched its ground incursion into Gaza City, two Israeli officials told CNN early Tuesday; One of the officials said the ground incursion is going to be “phased and gradual” at the beginning.
• WTI currently resides in a USD 62.89-63.55/bbl range while Brent sits in a USD 67.01-67.68/bbl range.

Precious Metals: Gold +0.4%, Silver +1.0%, Palladium +0.1%

• Spot gold holds an upward bias as it continues printing fresh records on its way to USD 3,700/oz against the backdrop of a softer dollar and heightened geopolitics.
• Spot gold currently resides in a USD 3,674.70-3,697.40/oz range with the top end of the band the latest all-time high.

Base Metals: 3M LME Copper -0.2%

• Base metals are mostly softer despite the softer dollar and gains in US futures, albeit the mood in Europe is slightly more mixed.
• Copper futures gave back some of the prior day's spoils after climbing in tandem with the record highs seen on Wall Street.
• 3M LME copper holds above USD 10k/t and resides in a USD 10,087.90-10,177.70/t range at the time of writing.