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Oil higher, gold pares losses after minutes

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Oil

Crude prices were little changed after the EIA crude oil inventory report showed stockpiles are declining again as refiner activity picked up. The Strategic Petroleum Reserve saw a big draw of 6 million barrels, with crude stocks now at the lowest levels in over thirty years. Gasoline demand was a little soft, but energy traders are not too worried that we are seeing crude demand destruction just yet even as gas prices are making record highs. ​ The beginning of the summer driving season is here and the pent-up demand for travel is so high that Americans will travel regardless of the price at the pump. ​

The oil market remains tight and crude prices seem like they will continue to be supported. ​

Gold pares losses after FOMC minutes

Gold prices pared losses after the Fed’s Minutes signalled they are not considering larger rate hikes. ​ The Minutes included a boosting of the inflation forecast which could be viewed as hawkish, but risks are growing in parts of the Treasuries and commodities markets and that could derail much more aggressive action. ​

Given today’s strong dollar, gold looks like it is ready to consolidate, but a bearish outlook seems unlikely. ​

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023.

His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies.

Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news.

Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal.

Ed holds a BA in Economics from Rutgers University.
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