From Investing.com: 2024-10-17 05:56:00

Energy – API Reports Oil Inventory Draws
NYMEX WTI and ICE Brent prices remain stable amid Middle East tensions. API reports 1.6m barrel drop in oil inventory, exceeding market expectations. Iran encounters oil leak near export terminal, cause and impact unknown. US natural gas prices decrease due to warmer weather, with European gas prices affected by increased LNG flows.

Metals – Complex Moves Lower
Industrial metals and gold prices drop despite China’s housing sector support. China expands housing project “white list” to boost construction. Chinese housing sector showing signs of recovery. Gold prices near record highs due to US economic data uncertainty and presidential election concerns.

Agriculture – France Lowers Soft Wheat Export Estimates
France lowers soft wheat export estimates for 2024/25 season to 10mt. Soft wheat stockpiles seen at 2.5mt. UK wheat production expected to decrease to 11.1mt, increasing reliance on imports. DISCLAIMERS: Information provided by ING for informational purposes only. Not investment advice. France’s soft wheat export declines attributed to a drop in sales outside the EU. UK wheat production decline raises import reliance.



Read more at Investing.com: Crude Oil: Markets Remain Cautious Amid Middle East Tensions, Demand Concerns