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Oil N' Gold Focus Reports
Awaiting US Tax Reform Before Christmas Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Dec 18 17 01:28 ET
The busy week is behind us as we enter the last week before Christmas. The highlight of the week is the Congressional vote on the final tax reform bill. Some features of the reconciled plan include lowering the corporation tax rate to 21% (from 35%) from January 1 2018, reducing the top rate of income tax to 37% from 39.5%, while retaining seven tax brackets.
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Weekly Fundamentals - Major Oil Agencies Project Higher US Production Next Year Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Dec 17 17 06:23 ET
In the monthly market updates released by the three major oil agencies, The US EIA revised higher its global demand forecasts modestly for this and next years. It currently expects demand to increase +1.4 M bpd to 98.34M bpd in 2017 from a year ago. This marks a +0.13M bpd upgrade from November's forecast. For 2018, the EIA projects demand to increase further to 99.96M bpd, marking a +0.09M bpd upgrade from November's estimate.
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US Data Evidenced Strong Growth Momentum Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Dec 15 17 02:40 ET
US dollar weakened across the board despite the generally strong dataflow. This was perhaps because the focus was instead on the ECB and BOE meetings. While both central banks left the monetary policies unchanged as widely anticipated, the ECB was more upbeat over the economic outlook and upgraded the GDP growth and inflation forecasts. Meanwhile, the BOE acknowledged the progress of the Brexit negotiations.
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FOMC Hiked Rates as Expected, Three More in 2018 Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Dec 14 17 02:19 ET
FOMC, as expected, raised the policy rate, by +25 bps, to the 1.25-1.5% range in December. However, the decision was made with Neel Kashkari and Charles Evans (both are doves) dissenting. The fed also upgraded the economic outlook, raising GDP growth forecasts and lowering the unemployment rate for the next year. Inflation would likely stay below the +2% target for the coming year.
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Oil Retreated on Profit-Taking; Market Holds Breath as FOMC Announcement Approaches Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Dec 12 17 23:22 ET
Oil prices retreated on profit-taking, after Brent crude prices soared to the highest level in more than 2 years. The decline was contained after a report showing US inventory slumped last week. For the first time in 4 days, the front-month Brent crude contract fell -2.09%, settling at 63.34, at close. The corresponding WTI contract dropped -1.47% for the day. Base metals were mixed.
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Brent Prices Soared to Highest in Over 2 Years on Pipeline Shutdown Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Dec 12 17 01:53 ET
Brent crude oil prices extend the rally to a new 2.5-year high in Asia Tuesday, after soaring +2.03% on the prior day as the North Sea's Forties Pipeline system reportedly shut down. WTI crude oil prices were also helped by the news with the front-month contract adding +1.1% for the day. Prices of base metals rebounded as traders awaited China's macroeconomic data in November.
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Busy Week Ahead: FOMC, ECB, BOE, SNB and Chinese Data Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Dec 11 17 02:10 ET
We have a busy week ahead. The 2-day FOMC meeting ending on Wednesday would bring the third rate hike for this year. While this move has been fully priced in, the market interest would be on the economic and risk assessment. We expect policymakers to turn more upbeat on the growth outlook with the job market continuing to improve. They should, however, remain cautious over the inflation outlook.
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Weekly Fundamentals - Base Metal Prices Slumped on Concerns over Tightening in China Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Dec 09 17 10:08 ET
The selloff in base metals last week was broadly based. While was the worst performer (LME zinc contract for 3-month delivery sank -5.12%), what caught most attention was copper (down -3.83%). Despite recovery after a sharp decline on Tuesday, copper price has continued hovering around the lowest level since October. In our opinion, rising inventory, concerns over tightening in China...
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Congress Passed a Spending Bill To Avert Government Shutdown Before Christmas Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Dec 08 17 01:28 ET
As the last-minute decision, the House voted 235-193, and the Senate voted 81-14 an hour after, to pass a stopgap spending bill, allowing the government to continue running until December 22. US dollar firmed against major currencies with the exception of the euro and sterling. The DXY index added +0.19% for the day. US Treasury yield curve was less flat ...
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Soaring Gasoline and Distillate Stockpiles, and Crude Oil Production, Signals Demand Receding Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Dec 07 17 00:18 ET
Surprising US stock-builds weighed on oil prices, sending the front-month WTI and Brent crude oil contracts down, by -2.88% and -2.61%, respectively. For refined oil products, the Nymex heating oil and RBOB gasoline contracts plunged -2.75% and -3.35% for the day. In the FX market, Canadian dollar was the worst performer against US dollar, amongst other major currencies.
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