Oil dominated the commodities movement – ANZ

Research Team at ANZ, suggests that the sharp fall in crude inventories which pushed the energy sector higher was the highlight of the yesterday’s session.

Key Quotes

“Crude inventories fell 14.5m barrels for the week ended 2 September, the largest drawdown since 1999, and the second largest on record since 1984. A collapse in imports due to a hurricane is certainly a driving factor; however prices have still reacted positively to the drawdown with oil up 4.2%.

Gasoline inventories also declined by 4.2m barrels (mkt: -0.7m), supporting gas prices. Gold retraced early gains to close 0.6% lower at USD1,341.6/oz.”