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Oil N' Gold Focus Reports
Weekly Fundamentals - Saudi's Exports on Refined Products Reached Record High, Showing No Intention to Rescue Oil Price Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Oct 25 14 03:28 ET
Crude oil was under pressure for most of the week, despite a rebound on Thursday after the news about Saudi's cut in supply. The recent sell off has mainly been driven by supply-side issue with the Kingdom reluctant to cut production while Libyan production on the rise. The widening spread between Arab Light crude and the DME Oman average indicated the Kingdom has accepted lower price for regaining market share.
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Crude Oil Jumped as Saudi Trimmer Supply Last Month Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Oct 24 14 00:26 ET
Crude oil rebounded strongly as Saudi Arabia reported decline in supply in September. Meanwhile, prices were driven by the generally positive macroeconomic dataflow. The front-month WTI crude oil soared +1.95% while the Brent crude contract rose +2.50% during the day. Gold slumped as the US dollar firmed. The benchmark Comex contract slumped to the lowest level in more than a week before settling at 1229.1, down -1.32%.
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Crude Oil Pressured by Huge Inventory Build Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Oct 23 14 03:10 ET
Crude oil prices resumed the selloff as the EIA report showed that US inventory increased more than expected. The front-month contract for WTI crude oil plunged -2.39% while the Brent crude contract was down -1.75% during the day. Energy stocks were also hit directly.
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Sentiment Lifted on Speculations that ECB would Buy Corporate Bonds Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Oct 22 14 01:43 ET
Market sentiment improved, mainly driven by a Reuters report citing comments from "people familiar with the matter" that the ECB would include corporate bonds in its covered bond purchase program. Peripheral bonds in the Eurozone rallied after the report as investors raised speculations that the central bank is moving towards a full-blown QE.
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Mixed Outlook in China Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Oct 21 14 01:10 ET
Macroeconomic data in China showed mixed development in the third quarter. GDP grew +7.3% in 3Q14, easing from +7.55 in the second quarter but exceeded market expectations. IP growth accelerated to+8% y/y in September from 6.9% a month ago. The market had anticipated a growth of +7.5%.
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Busy Week in China Ahead Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Oct 19 14 23:59 ET
We have a busy calendar in China. On Tuesday, we would have the GDP report for 3Q14, as well as IP, retail sales and fixed investment data for September. It is expected that GDP growth slowed to +7.2% y/y in 3Q14 from +7.5% in the prior month while September IP growth accelerated to +7.5% y/y from +6.9% in August. The flash HSBC manufacturing PMI would be due Thursday.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Oct 19 14 06:06 ET
Gold's recovery from 1183.3 short term bottom extended last week and we'd expect more corrective trading ahead. Nonetheless, outlook will stay cautiously bearish long as 38.2% retracement of 1392.6 to 1183.3 at 1263.3 holds. That is, we'd anticipate an eventual downside breakout through 1179.4/1181.4 to extend the larger down trend. Meanwhile, sustained break of 1263.3 will bring stronger rebound to 61.8% retracement at 1312.6 and above.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Oct 19 14 06:06 ET
Silver extended the consolidation above 16.64 short term low last week. More sideway trading would be seen in near term. But outlook stays bearish as long as 18.61 resistance holds. Current fall is part of the larger down trend from 49.82 and should target 15.80 key trend line support level. Firm break there will target 14.65.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Oct 19 14 06:04 ET
Crude oil's fall accelerated to as ow as 79.78 last week before recovering mildly. Near term outlook stays bearish as long as 86.29 resistance holds. Current fall should target 161.8% projection of 112.24 to 91.24 from 107.73 at 73.75 next. Break of 86.29 will indicate short term bottoming and bring consolidations. But upside should be limited by 94.90 resistance and bring fall resumption.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sun Oct 19 14 06:01 ET
Natural gas dipped further last week and breached 3.727 low. But downside momentum was quite unconvincing and 3.727 wasn't taken out firmly. Initial bias is neutral this week first. Sustained break of 3.727 will confirm down trend resumption and should target 3.656 long term fibonacci level and below. Meanwhile, break of 3.955 will extend the consolidation from 3.727 with another recovery instead.
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