WTI and Brent crude futures have finished the session significantly higher mirroring the move in US equities as Oil % Gas stocks have also outperformed. The move to the upside is supported by several factors, the first of which being the composition changes and weights for the 2013 S&P GSCI Commodity Index with WTI crude having the largest percentage point weight decrease and Brent/Heating Oil have the largest percentage point increases. Secondly, the USD is seen generally softer with stops having been taken out in WTI on the break of USD 87.00. Gasoline supplies still remain tight as the Bayway refinery is still closed and the Whiting refinery is being overhauled. The an erroneous web posting by Cincinnati.com which showed Romney up 92K votes in Ohio, which was quickly confirmed as dummy data, also acted as a factor in the risk-on move.
06 Nov 2012 - 14:35 - - Source: RANsquawk
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