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Oil N' Gold Focus Reports
Strong ADP Job Data Raise Hopes for Upside Surprise on Nonfarm Payrolls Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Jan 05 18 01:13 ET
Wall Street rallied further with DJIA surpassing 25 000 for the first time on record. Strong ADP job report intensified hopes of a better-than-expected nonfarm payrolls report due today. However, US dollar's rebound proved short-lived. In the commodity sector, crude oil extended recent strength with the WTI contract settling above 62 for the first time in 3 years.
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WTI Crude Breaches US$ 62/bbl In Asia, Making Fresh 3-Year High Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Jan 04 18 01:43 ET
Decline in US inventory offered a boost to oil prices. The front-month WTI crude oil contract rallied to a 3-year high of 61.97 before settling at 60.28, up +2.09%. The Brent contract also rose to as high as 68.03 before ending the day at 67.84, up +1.91%. Fuel prices also strengthened despite stock-builds last week. Precious metals remained firm with gold price gaining for a 9th consecutive day.
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Precious Metals Rose on Higher US Inflation Expectations Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Jan 03 18 00:06 ET
Crude oil prices pulled back but both benchmarks remained above US$ 60/bbl. Concerns over output disruption amidst Iranian protests were offset by the resumption of production in Libya. The front-month WTI contract slipped -0.08% and ended the day at 60.37, while the Brent contract was down -0.45% and settled at 66.57. Precious metals strengthened across the board, probably as US inflation expectations improved.
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Nonfarm Payrolls Mark the Start of 2018 Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Jan 02 18 00:01 ET
Happy New Year! We have a busy start a number of important data are due to be released throughout the week. In the US, the FOMC minutes for the December meeting would be due Wednesday. Policymakers would unveiled the rationale for raising the Fed funds rates by +25 bps at the meeting, as well as the monetary policy outlook for the coming year.
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US Production Slipped for the First Time Since October Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Dec 29 17 00:13 ET
Crude oil prices rebounded on decline in US inventory and a surprising drop in US production. The front-month WTI contract added +0.34% while the Brent contract was up +0.42%. Gasoline and heating oil contracts also climbed higher despite inventory gains. Precious metal rose across the board as supported by weakness in US dollar and Treasury yields.
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WTI Consolidated after Touching US$ 60/bbl; Copper Rallied to Almost 4-Year High Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Dec 28 17 00:23 ET
WTI crude oil consolidated recent gains after price reached psychological level of 60 on Wednesday. Currently trading at 59.7, the front-month WTI contract is prone to record about +10% gain this year, compared with the lucrative +45% rally in 2016. The corresponding Brent crude contract also pulled back mildly after soaring to an 8-year high of 67.1 on Tuesday.
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Oil Prices Remained Firm. US Long-Term Yields Eased as Tax Cut Excitement Abated Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Dec 22 17 00:30 ET
Oil prices strengthened further despite news that the OPEC has begun exploring exit strategies from the output cut deal. The OPEC source noted that the discussion might begin before December 2018 if the world oil market returns to balance by late 2018. Extending the gains for a third consecutive day, the front-month WTI crude oil contract settled at 58.36, up +0.46%.
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Greenback Lacks Impetus Despite Eventual Passage of Tax Bill Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Dec 21 17 01:17 ET
The US Congress passed the tax reform bill, with 224-201 vote in the House, followed by 51-48 vote in the Senate. Hinging on the "big, beautiful tax cut for Christmas", 10-year yields climbed further to a 3-month high, on expectations of stronger inflation outlook. 2-year yield steadied, resulting in further steepening of the yield curve. US dollar remained under pressure.
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Joining Trump's Amateur Hour? House to Re-vote Tax Bill due to "Procedural Mistake" Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Dec 20 17 01:51 ET
Just a while after the President congratulated the House for passing the tax bill with a 227-203 vote, the Democrats have noted that two of provisions are non-compliant with the Senate budget rules. The revised bill would have to be re-voted on Wednesday before the Senate vote. Despite the snag, the Republicans remain confident that they would get an approved bill signed by Trump before Christmas.
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Stocks Rallied on Tax Bill. USD Retreated, Though Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Dec 19 17 02:38 ET
US dollar continued to retreat, while yield curve steepening, after the Fed rate hike last week. By contrast, stock markets rallied further on hopes that the final tax reform bill would be passed by both the House and the Senate this week. The market also appeared confident that lawmakers would also pass the resolution to raise government spending within the week.
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