Список проголосовавших за комментарий " Morning Commodities: Crude snaps out of its 3-session downtrend ahead of this afternoon's API on headlines that OPEC has achieved over 1 mln barrels/day in oil output reductions<ul><li><strong>Crude oil broke out of its 3-session downtrend ahead of this afternoon's API on headlines that OPEC has achieved over 1 mln barrels/day in oil output reductions</strong><ul><li>Mar 2017 crude oil futures were up about $0.49 (+0.9%) around the $53.11/barrel level</li><li>Color on price action in crude:<ul><li>Mar 2017 crude oil futures snapped out of a 3-session downtrend. Crude sharply reversed off of session lows after dropping as much as -0.7% initially, currently up nearly +1% following headlines that OPEC has cut more than 1 mln barrels/day of the promised 1.2 mln barrels/day in planned oil production cuts (the OPEC portion).</li><li>Crude oil supply from the 11 OPEC members with targeted production reductions avged 30.01 mln barrels/day in Jan, compared to 31.17 mln in Dec.</li></ul></li><li>Other factors to consider:<ul><li>U.S. oil production has risen by ~6.3% since July last year to almost 9 mln bpd, according to EIA data. Concerns these increases in US production will offset the coordinated OPEC/non-OPEC output reductions initially put pressure on crude futures in morning pit trading.</li><li>Also initially adding pressure on oil prices was this morning's statements from Goldman regarding an estimation that y/y U.S. oil production will rise by 290k barrels/day in 2017, if a backlog on rigs that are still to become operational is accounted for.</li><li><strong>Note:</strong> The spread between Brent and WTI crude has been increasing, as market participants appear willing to pay a premium for Brent, as oil supply in the Middle East shrinks due to OPEC reductions, while US WTI crude oil is becoming increasingly plentiful.</li></ul></li><li>Upcoming data:<ul><li>API data will be released today at 4:30 pm ET.</li><li><strong>EIA data will be released tomorrow at 10:30 am ET.</strong></li><li>Baker Hughes rig count data will be released Friday at 1 pm ET.</li></ul></li></ul></li><li><strong>Natural gas was on track to close lower for the 3rd consecutive session ahead of Thursday's inventory data</strong><ul><li>Mar 2017 natural gas futures were down about $0.08 (-2.6%) around the $3.15/MMBtu level</li><li>EIA natural gas inventory data will be released on Thursday at 10:30 am ET.</li></ul></li><li><strong>In precious metals, gold extended yesterday's gain, silver rallied on notable dollar index weakness</strong><ul><li>April 2017 gold futures were up $19.90 (+1.7%) around the $1215.80/oz level</li><li>Mar 2017 silver futures were up about $0.43 (+2.5%) around the $17.59/oz level</li></ul></li><li><strong>The dollar index was -0.9% around the 99.55 level, boosted precious metals in morning pit trading</strong><ul><li>Commodities, as measured by the Bloomberg Commodity Index, were +0.7% around the 87.66 level</li></ul></li></ul>"