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Oil N' Gold Focus Reports
Higher-than-expected Decline in Crude Inventory Boost Oil Prices Further Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed May 25 16 22:38 ET
Bigger-than-expected decline in US oil inventory lifted sentiment, sending energy prices and equities higher. The front-month WTI crude contract extended strength to a new 2016-high of 49.75 before ending the day at 49.56, up +1.93% while the Brent contract rose to as high as 49.96 before setline at 49.74, up +2.33%. Fuel prices were mixed with heating oil gaining +1.61% while gasoline slipping -0.77%. in the stock market, European shares rose solidly with the Stoxx600 index gaining for a second day as led by energy and financials.
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USD Rallied as Market Priced in over 50% Chance of Rate Hike in July, 35% in June Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue May 24 16 22:12 ET
US dollar firmed on intensifying speculations of Fed funds rate high in June. The DXY index rose to an 8-week high of 95.66 before ending the day at 95.57, up +0.36%. The greenback strengthened against major currencies with exception of British pound which rallied after a poll showed that support for the UK to remain in the EU is well above to leave.
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Market on Risk-Off Tone as Data Show Slowing Manufacturing Activities Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon May 23 16 23:30 ET
Market sentiment began with week with a softer tone, as manufacturing PMI in both the US and Eurozone surprised to the downside. Wall Street ended the day lower with DJIA and S&P 500 indices slipping -0.05% and -0.21% respectively. Europe's Stoxx 600 index dropped -0.39%. US dollar dropped with the DXY index losing -0.1%. The weakness was mainly against Asian currencies such as Japanese yen and Korean won. The greenback remained firm against commodity currencies, gaining 0.08% to 0.5%.
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Eurozone PMIs in May Signal Growth in 2Q16 should Ease Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon May 23 16 08:24 ET
Flash manufacturing PMI from the Eurozone sent a mixed signal of the region's economic growth. Headline reading for the bloc as a whole slipped -0.2 point to 51.5 in May. The market had anticipated improvement to 51.9. The PMI Composite Output Index dropped -0.1 point to 52.9, the lowest level in 16 months. Manufacturing PMI for Germany surprisingly rose to a 5-month high of 52.4 in May from 51.8 a month ago, while that for France dropped to 48.1 from 48.3 in April This was the lowest level in 13 months.
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Iron Ore Prices Slumped -6% on Supply Growth and Fed's Rate Hike Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu May 19 16 22:09 ET
Commodities generally weakened, led by metals amidst rising US dollar and concerns over moderation of the global growth outlook as the Fed hikes interest rates in summer. Metal Bulletin's iron ore index plunged almost -6% to close at US$53.47/tone, the lowest level since March 15. Besides, US rate hike speculations, iron ore prices were dampened by rising supply.
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USD Jumped on Hawkish FOMC Minutes Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed May 18 16 21:38 ET
The FOMC minutes for the April meeting unveiled that policymakers were more hawkish than previously. They judged that it might be justified to increase interest rates in June if economic data suggest growth were picking up in 2Q16, job market continued to improve and inflation were making progress to reach the +2% target.
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Fed Presidents' Comments and Strong Data Lift Hopes of June Rate Hike Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue May 17 16 23:03 ET
Speculations of Fed funds rate hike in June rekindled, driven by better-than-expected US data and Fed presidents' comments. Wall Street reversed earlier gains as pressured by consumer staples and utility, with DJIA and S&P 500 losing -1.02% and 0.94% respectively. US dollar weakened a tad against commodity currencies but is recovering ground in Asian morning on Wednesday. In the commodity sector, energy prices extended strength amidst hopes of better US growth outlook, decline in oil inventory...
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Equities Buoyed as Brent Approaches US$50/bbl Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon May 16 16 21:32 ET
Wall Street firmed led by strong energy prices. Bigger than expected output disruption in Nigeria and positive views from Goldman Sachs have helped lift oil prices to 6-month highs. The front-month WTI crude contract initially soared to US$47.98, the highest level since November, before settling at US$47.72, up +3.27%.
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Soft April Data Rekindle Chinese Growth Worries Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon May 16 16 00:42 ET
Shares in Asia climb higher on Monday although macroeconomic data released in China over the weekend were generally disappointing. China's CSI 300 opened lower but then recovered to be gaining slightly at the time of writing this report. This follows a -1.75% decline 3034.9 last week. Equities elsewhere firm, probably carrying forward the bullish tone after strong US data last Friday.
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Weekly Fundamentals - Output Disruption and Better Demand Outlook Maintained Oil's Gain Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun May 15 16 04:03 ET
Supply disruption, forecast upgrade and inventory decline helped resume the rally in energy prices. Although failing to breach above US$60/bbl, the front-month Brent crude contract rose to as high as 48.19, just shy of 2016's high of 48.5, and gained +5.42% last week. The WTI crude contract made a fresh year-high of 47.02 before ending the week at 46.21, up +3.47%.
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