Brent crude (ICE) settled a touch above 109 USD per barrel (USD/bbl) yesterday, barely changed from the day before, despite the fact that US Department of Energy (DOE) reported that two refineries (with total capacity of 308 thousand barrels per day) at US east coast are out of operation due to Hurricane Sandy. Moreover, several other refineries run at reduced rates. Regarding Sandy’s impact on products, Reuters reported that the most of traders stay on sidelines until the more precise estimates of infrastructure damages and refinery outages are known. Therefore, markets might reconsider its relatively calm reaction to the Hurricane tomorrow after the release of EIA figures on weekly stocks movements (the report is postponed by one day due to Sandy). Precious Metals Gold has been trading in a relatively narrow range between 1700 and 1720 USD per troy ounce (USD/toz) level in past five sessions and its positive correlation with other commodities strengthened (as well as the negative correlation with the US dollar). The next risk-event from the perspective of gold is probably Friday’s payrolls report (if published due to Sandy). Technically, the next support is seen at 1703 USD/toz level.