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Oil N' Gold Focus Reports
Weekly Fundamentals - Comparing the Demand/ Supply Forecasts of Three Oil Agencies Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Nov 18 17 05:56 ET
Crude oil prices retreated for the first time in 6 weeks. With geopolitical tensions taking a backseat, traders shifted their focus on the demand/supply outlook. Second consecutive weekly stock-build, record high in US oil production and IEA's downgrade of global demand outlook have raised concerns that further output cut by OPEC and non-OPEC producers might not offer much help to rebalance the oil market.
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Equities Rebounded as House Passed Its Version of Reform Bill. Bigger Hurdle Follows Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Nov 16 17 23:05 ET
Passage of the tax reform plan in the House of Representatives and strong macroeconomic data facilitated the rebound in equities. Wall Street gained for the first time in three days, recording the biggest gain in two months as led by the rally in tech stocks. Nasdaq jumped+1.29%, while the DJIA and S&P 500 indices rose +0.8% and +0.82% respectively. US Treasuries fell, sending yields higher.
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Commodity Prices Fell Across the Board. Risk Appetite Diminished on Disappointing Global Data Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Nov 15 17 22:41 ET
For a second consecutive day, US dollar fell against major currencies but remained firmed against the three of the commodity-bloc trio (AUD, NZD and CAD). Several factors have caused the phenomenon. The greenback's recent rally has paused since last week after the Senate released its version of tax plan. Moreover, the US core inflation in October beat expectations, other data were mixed.
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IEA's Oil Demand Forecasts Still Exceed OPEC's, Despite Downgrades Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Nov 14 17 22:23 ET
Surprising stock-build and demand downgrade facilitated the correction in oil prices. Both crude oil benchmarks remained under pressure on Wednesday after sharp selloff bringing prices to the lowest levels in more than a week. Base metals also fell, led by the -5.68% decline in nickel price. In the precious metals complex, the benchmark Comex gold and silver contracts added -0.33% and +0.17% respectively.
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OPEC Upgrades Demand for its Oil. Would that Affect Output Cut Decision? Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Nov 14 17 01:53 ET
Oil prices take a breather after recent rally has taken both benchmarks to the highest level in over two years. The current reason for profit-taking is surging US shale production which might offset the efforts of further OPEC/ non-OPEC cut. At the time of writing this report, the front-month WTI contract is trading at 56.63, down -0.25% from Monday's close.
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UK's Political Instability Returns to Focus as MPs Debate on Brexit Bill Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Nov 13 17 00:41 ET
While maintaining a consolidative mode, risk is to the downside for the British pound. In Asia Monday we have witnessed its decline, erasing most of the gains made last week, ahead of a busy week. Following the second reading on September 11, the EU (Withdrawal) Bill 2017-19 would be put before MPs' consideration in a Committee of the whole House on the coming Tuesday and Wednesday.
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Weekly Fundamentals - Resurgence of Middle East Tensions Support Oil Prices Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Nov 12 17 00:47 ET
It was a choppy week for the oil market. While a pullback is justified after weeks of relentless rally, several evolving events have the potential to drive prices further higher. Look as crude oil prices, both benchmarks retreated earlier in the week on profit-taking. Buying interests resumed in the middle of the week as Middle East tensions showed signs of intensification.
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Risk Appetite Diminished as Senate Republicans Confirmed Intentions of Delaying Corporate Tax Cut Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Nov 10 17 00:26 ET
Market sentiment soured as Senate Republicans confirmed the intention to delay corporate tax cut to 2019. Wall Street slumped with DJIA and S&P 500 indices dropping -0.5% and -0.6% respectively. US dollar fell across the board with the DXY index down -0.45% for the day. Safe haven assets strengthened as both Japanese yen and gold climbed higher. US Treasuries also firmed, sending yields lower.
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EIA Report Showing Abundant Supply Suppressed Oil Prices Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Nov 09 17 02:40 ET
Crude oil prices retreated for a second day, hinging on the EIA report showing higher oil supply and the mere war of words between Saudi Arabia and Iran for the time being. The front-month WTI contract dropped -0.68% while the Brent contract was down -0.31%. Precious metals climbed higher with the benchmark Comex gold and silver contracts gaining +0.62% and +1.19% respectively. US dollar was mildly lower, falling against major currencies with the exception of British pound.
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Commodities Retreated as Geopolitical Tensions Eased for Now. Stay Cautious on Saudi-Iran Conflict Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Nov 07 17 23:14 ET
Geopolitical tensions appeared to have eased temporarily as US President Donald Trump softened his stance on North Korea in his trip in Asia. However, traders should remain cautious over the situation in the Middle East, in particular the looming conflict between Saudi Arabia and Iran. Further intensification of which could readily trigger another round of oil rally.
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