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Oil N' Gold Focus Reports
Commodities Strengthened as Sentiment Buoyed by New Highs in Wall Street Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Nov 22 17 01:26 ET
Wall Street rallied to new record high ahead of the Thanksgiving holiday, driven by teach and healthcare shares. European shares also climbed higher as confidence over economic outlook overshadowed Germany's political drama. US Treasuries were mixed ahead of the FOMC minutes for the November meeting. The yield curve flattened further to the level not seen in a decade with a +2 point rise in 2 years' yields and 10 years' yields.
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Greenback's Strength Weighed on Commodities Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Nov 20 17 22:37 ET
Commodities fell across the board, as the rise in greenback weighed on USD-denominated assets. In the oil markets, traders continued to take profit from the recent rally, unloading their long positions from the current elevated levels. The front-month WTI and Brent crude oil contracts fell -0.81% and -0.8% respectively. Precious metals also softened, as the market has for now shrugged off the re-emerging political uncertainty in Germany.
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Euro Fluctuates as German Coalition Talk Collapses, New Election Possible Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Nov 20 17 04:05 ET
Euro fluctuated in an otherwise quiet market as political instability reemerges in Germany. While the market had anticipated a Jamaica (CDU/CSU + FDP + Greens.) coalition government would likely be formed after the federal election in September, the negotiations collapsed with FDP walking out from the exploratory talks over the weekend. The four parities failed to agree on controversial issues such as migration and energy policies.
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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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