Crude oil is trading right around the levels it closed at yesterday. On the Nymex, WTI crude for January delivery is trading at $99.75/barrel at about 8:00 a.m. On the ICE, Brent crude is trading at $110.29/barrel for January delivery. The price of WTI is down -$0.04/barrel from yesterday’s close, while Brent is down about -$0.50/barrel.
Today’s announcement that China is easing its capital reserves requirements for the country’s largest banks indicates that the Chinese government wants to encourage growth and is less concerned about inflation. Traders are also watching Eurozone developments closely. Analysts are expecting a drawdown of 500,000 barrels to US stocks when the EIA reports weekly petroleum numbers later this morning.
The gold contract was down $1.00/ounce this morning, to $1,717.90/ounce. This is essentially flat and indicates that traders are waiting to see what happens with the US dollar/euro exchange rate. The euro is fractionally stronger so far this morning, at $1.3309. Gold is trading with crude oil today, as concerns about the breakup of the Eurozone dominate the action.
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