Risk-On Trade Rising Means Gold Falling

Commodities continue to take a back seat to Dow 20,000 as President Trump continues to sign executive orders, which have nothing to do with his pro-growth agenda. The fact that all major U.S. equity indices were able to break records with oil and other industrial commodities was interesting.

Oil has played a bit of catchup today, rallying back close to $54 in the March contract with record net length still in place. The oil inventory report showed a build of crude in the U.S. of 2.8 million barrels, although Cushing did post a small draw for the third consecutive week. Gasoline inventories rose by 6.8 million barrels to 253 million, which is the highest since February. The rhetoric out of OPEC continues to be positive, but U.S. crude production is now up to 8.96 million barrels per day, which continues to offset some of the OPEC cuts. There has been one major buyer of crude on every dip for first half 2017 buying 9,000 lots after the stats came out, which is the same as two weeks ago....373 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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