Oil Demand Decrease, Gold Pullback: The Commodities Craze

Oil demand is decreasing despite China's better-than-anticipated 1Q economic growth, notes Jake Hanley. He talks about how futures are under pressure as investors digest the latest earnings. He discusses the takeaways from latest inflation data. He highlights that the IEA predicts that China will account for most of 2023 oil demand increases, with Saudi Arabia and UAE reportedly purchasing Russian oil products. He then breaks down the lates activity in commodities. He also previews the next FOMC meeting which will take place May 2-3. He suggests that there could be a near-term pullback after a strong run for gold (/GC). Tune in to find out more about futures and the stock market today.