Oil N' Gold - Resources for Serious Traders
Oil N' Gold Focus Reports
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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Power Struggle in Saudi Kingdom Keeps Oil Price High Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Nov 06 17 23:05 ET
We believe oil's rally in light of the recent situation in Saudi Arabia is two-folded. First, the crown prince Mohammed bin Salman's (a.k.a. MBS) hardliner approach results in quick consolidation of power. This suggests that he should be determined to implement any policy that he finds constructive.
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Oil Firms as US Economy On Track. Focus Turned to Asia Pacific This Week Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Nov 06 17 00:22 ET
Shrugging off the disappointing headline nonfarm payrolls in the US, financial markets moved steadily on Monday. Crude oil prices climbed higher amidst speculations that OPEC aims at lifting oil prices to US$ 70/bbl. Currently trading at US$ 55.7/bbl and US$ 62.15/bbl respectively, both the front-month WTI and Brent contracts rose to the levels not seen since 2015 last week. Hopes that oil prices might rise to US$ 70/bbl...
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Weekly Fundamentals - Hopes of Announcement of Output Cut Extension in November May Falter Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Nov 05 17 04:02 ET
The strength on oil prices has shown no signs of abating but both crude oil benchmarks entering the fourth consecutive week of rally. At their highest levels in more than two years, the front-month WTI contract jumped +2.02% while the Brent contract soared +2.39% last week. Most of the gains were made on Friday as the US recorded the biggest decline in oil rigs since May 2016. However, the rally in oil prices is prone to increase US shale investments, resulting in the return of increases in rig count and oil output.
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BOE Hike, Powell as New Fed Chair, US Tax Plan... All As Expected. Focus Now On Nonfarm Payrolls Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Nov 02 17 21:32 ET
Events in the UK and the UK roiled the financial markets. BOE's dovish rate hike accelerated British pound's selloff which had started a few hours before the official announcement. US President Donald Trump announced that he has nominated Jerome Powell to the Senate as the next Fed Chair. The House released the tax plan but contained little surprise. In the FX market, US dollar fell against major currencies, with the exception of the pound...
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Crude Oil Prices Slipped on Higher US Output Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Nov 01 17 23:12 ET
The front-month WTI crude oil contract retreated, after rising to a 10-month high of US$ 55.22/bbl (just 2 cents shy of 2017-high of US$ 55.24/bbl) earlier in the day. Traders took the EIA inventory data as a reason for profit-taking. The WTI contract slipped -0.15% for the day. The corresponding Brent contract also dropped after soaring to the highest level in more than two years.
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Crude Oil Rallied 5-7% in October, Wide WTI-Brent Spread Might Encourage US Exports Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Oct 31 17 22:54 ET
Recording 5-7% gains in October, crude oil prices began the third quarter in a good shape. The key drivers for the rally were geopolitical tensions aided by OPEC/ non-OPEC verbal support for extension of the output cut deal. Whether the strength can sustain in the last two months of the year depends on the demand/supply balancing and other unexpected events across the globe. The front-month Brent crude contract gained +0.77% in the last day of October...
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Gold Climbed Higher as Talks of "Gradual" Tax Cut Approach Pressured USD and Yields Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Oct 30 17 22:39 ET
Oil prices extended gains with the Brent crude contract closing above US$ 60/bbl for a second day. Traders remained thrilled by support from Saudi Arabia and Russia of extension of the output cut deal. The front-month Brent contract climbed +0.76%, while the WTI contract was up +0.465, for the day. Precious metals recovered on bargain hunting.
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