[MARKET ANALYSIS] Crude on a softer footing with newsflow relatively light on Thursday; metals firm despite FOMC losses

WTI and Brent futures are softer intraday but off worst levels, with traders finding little to trade on this morning. Earlier in the session, gradual downside was seen in crude futures despite the lack of an obvious driver, although Pakistani journalist Mallick reported that the Iranian Foreign Minister and Pakistani Army Chief discussed recent regional developments in a call during the Iranian Foreign Minister's Beijing visit on Wednesday. The crude complex will likely continue to move on geopolitical developments amid direct influence on the supply side of the equation. WTI Oct resides in a USD 100.39-102.47/bbl, and Brent Nov trades in a USD 103.62-106.02/bbl range. Dutch TTF tilts slightly firmer but remains under EUR 80/MWh at the time of writing, after finding support just above EUR 76/MWh this morning. Metals are firmer as oil prices ease alongside the post-FOMC dollar, with spot gold briefly back above its 100 DMA (USD 4,323/oz) after printing a USD 4,235-4,367/oz range yesterday, and with today’s parameter within that range, between USD 4,257-4,335/oz. Spot silver similarly attempts to recoup yesterday’s losses but remains tucked within yesterday’s USD 62.31-64.93/oz range. Base metals are mostly firmer, with 3M LME copper towards the top of a USD 14,128.38-14,338.00/t range.