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Oil N' Gold Focus Reports
Surprising Increase in Oil Inventory Weighed on Prices Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Aug 25 16 00:27 ET
Crude oil prices plunged as a US report shows increase in crude and refinery product inventories. The front-month WTI contract plunged -2.77% to close at 46.77, the lowest level in more than a week, while the Brent contract dropped -1.82% to settle at 49.05. The Nymex heating oil gas future also dropped while RBOB gasoline added +0.72%.
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Energy Prices Rebounded, Lifted by Iran Rumors Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Aug 24 16 01:08 ET
Energy prices rebounded as a report suggested that Iran might consider cutting output to support prices. The front-month WTI crude contract rose +2.23% and settled at 48.1, while the Brent contract gained +1.63% and closed at 49.96 for the day. Refinery products also climbed higher with heating oil and RBOB gasoline contracts up around +1%. Gains were pared after settlement as a report showed surprising increase in US inventory. Wall Street firmed as support energy sector.
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Energy Prices Retreated as Oversupply remains Worrisome Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Aug 22 16 23:40 ET
Energy prices declined on profit-taking. The front-month WTI crude contract dropped -3.03% and settled at 47.05, the lowest close in 3 days, while the Brent contract lost -3.38% and settled at 49.16, the lowest close since August 15. Besides taking profit following the strong rally over the past weeks, supply remains a concern.
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Holding Breath for Jackson Hole... Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Aug 22 16 01:25 ET
The focus of the week is undoubtedly the Jackson Hole symposium on Friday. This year's topic is "Designing Resilient Monetary Policy Frameworks for the Future". Fed Chair Janet Yellen's speech is closely awaited as the market looks forward to see if she would hint a rate hike in September, after getting more economic data..
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Weekly Fundamentals - Seasonal Factors Boosting Gas Price are Fading Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Aug 21 16 06:21 ET
US natural gas price erased gains earlier in the week, following a report showing increase in inventory level. The front-month Nymex contract ended the week -0.08% lower, extending the decline for a third week in a row. The DOE/EIA reported that natural gas stockpile resumed accumulation, adding +22 bcf to 3 339 bcf in the week ended August 12. Stocks were +327 bcf higher than the period last year and +405 bcf above the five-year average of 2 934 bcf.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 20 16 10:46 ET
Crude oil's rally continued last week and took out 55 days EMA decisively. Near term outlook stays bullish for a test on 51.67 resistance. Break will resume whole rally from 26.05. Meanwhile, break of 45.84 support will suggests that the pattern from 51.67 high is extending with another fall and turn bias to the downside for 39.19 support.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 20 16 10:45 ET
Natural gas' recovery was weak last week and limited by 55 days EMA. The development guests that deeper correction is underway to 61.8% retracement of 1.909 to 2.998 at 2.325. We'd expect support there to contain downside. Meanwhile, above 2.697 minor resistance will argue that the pull back from 2.998 is already over and turn bias back to the upside for this retest.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 20 16 10:45 ET
Gold's consolidative trading continued and outlook is unchanged. At this point, further rise cannot be ruled out with 1308.2 support intact. But we'll be cautious on topping around long term fibonacci level at 1380.98. Break of 1308.2 support will be the first sign of trend reversal and will turn focus back to 1199.0 support
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Aug 20 16 10:44 ET
Silver's sideway consolidation continued last week and outlook is unchanged. With 19.10 support intact, further rise is still expected. Sustained trading above 161.8% projection of 14.785 to 18.06 from 15.83 at 21.12 will target 261.8% projection at 24.39. Though, break of 19.10 will confirm near term topping and bring consolidations first.
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Fed Members Satisfied with Job Growth, Noting Rate Hike This Year Possible Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Aug 19 16 00:31 ET
Fed presidents continued to talk up rate hike prospect. New York president William Dudley, a FOMC permanent voting member, suggested he put more weigh on employment than on GDP growth when assessing rate hike, partly because the labor market is one of the Fed's dual mandate. He noted that the strong payrolls growth in June and July "helped allay concerns...
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