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Oil N' Gold Focus Reports
Oil Prices Hover Around 3-Week High; USD Firmed as Odds of Taylor as Next Fed Chair Climb Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Oct 17 17 22:54 ET
Tensions between Iraq and the semi-autonomous Kurdish region abated temporarily as the former reportedly took back control of all disputed oil fields. Crude oil prices were in consolidative mode, hovering about the highest levels in 3 weeks.
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WTI-Brent Spread Widens as Tension-Ridden Regions are Suppliers of European Oil Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Oct 17 17 02:33 ET
Crude oil rallied to fresh three-week highs on intensified geopolitical tensions in the Middle East, and between the US and Iran. The front-month WTI crude oil contract fained +0.82% to settle at 51.87 while the Brent contract jumped +1.14% to close at 57.82. it is reported that Kurdistan has shut about 0.35M bpd of production from the major Bai Hassan and Avan oilfields as Iraq sent troops to seize Kirkuk, a key city in the Kurdish region.
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Renewed Geopolitical Tensions Lift Oil Prices Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Oct 16 17 00:27 ET
Oil prices remained firm on Monday, after strengthening to highest in 3 weeks last Friday. Currently trading at 51.9, the front-month WTI crude oil contract gained +1.68% last week. The Brent contract, hovering about 57.8 at the time of writing this report, was up +1.64% last week. Geopolitical tensions have heightened concerns over Middle East exports.
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IEA Indicates Oil Balance Outlook Depends on OPEC Production Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Oct 12 17 22:56 ET
Crude oil prices retreated for the first time in 4 days as trader took profit. The losses were contained by a report showing US inventory decline last week. The front-month WTI crude oil contract dropped -1.36% while the Brent contract was down -1.21%. Refined oil products also fell with the heating oil contract and RBOB gasoline contract losing -1.15% and -1.62% respectively.
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OPEC Projects Higher Demand Next Year Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Oct 12 17 01:15 ET
Oil prices continued to rise despite surprising increase in US inventory. The market was buoyed by OPEC's upgrade of the demand outlook. The front-month WTI crude oil contract gained +0.75% while the Brent contract was up +0.58%. Prices of refined oil products also rose with the heating oil and the RBOB gasoline contract rising +1.2% and +1.11% respectively. Precious metals slipped with the benchmark Comex gold contract losing -0.37% and the silver contract down -0.43% for the day.
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Saudi's Exports Cut Merely A Trick Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Oct 10 17 22:43 ET
In the commodity sector, crude oil expended gains for a second consecutive day. The front-month WTI crude oil contract settled above US 50/bbl again, gaining +2.7%. The Brent crude contract added +1.47%. The market was thrilled by the new reports that Saudi Arabia has cut November export allocations by 560K bpd and OPEC is persuading some independent US oil producers and hedge funds to join balancing demand/supply.
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Crude Oil Prices Gain for Second Day; Sterling Firms on Strong Production Data Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Oct 10 17 05:50 ET
Crude oil prices recovered for a second consecutive day on Tuesday, as buoyed by comments from OPEC officials that the output cut deal could be extended until end-2018. OPEC Secretary-General Mohammad Barkindo suggested over the weekend that consultations were under way for an extension of the agreement beyond March 2018. He added that more oil producers may join the pact at next month's meeting. Indeed, the cartel is keen on using verbal tricks to monitor oil prices. We doubt if the OPEC members who have been exempted from previous cuts (e.g. Iran, Libya and Nigeria) would join this time.
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Oil Traders Expect Producers to Control Supply; FOMC Minutes, US CPI and Retail Sales in Focus Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Oct 08 17 22:05 ET
Crude oil prices recovered mildly after falling last week. Traders tend to believe that the OPEC/non-OPEC producers would strive to rebalance the market. As suggested by OPEC Secretary-General Mohammad Barkindo on Sunday, "there is a growing consensus that, number one, the re- balancing process is underway... Number two, to sustain this into next year,...
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Weekly Fundamentals - Crude Oil Profit-Taking Continues Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Oct 07 17 00:33 ET
Energy prices dropped on Friday although Saudi Arabia and Russia affirmed the possibility to extend the output cut deal to end -2018. Both crude oil benchmarks ended the week lower as profit-taking continued. The front-month WTI contract plunged -4.61% while the Brent contract was down -3.34%. WTI-Brent spread recovered but remained wide. On EIA' weekly inventory report, we saw another week of big decline in crude oil inventory. However, Cushing stock gained +1.53 mmb to 62.46 mmb.
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Crude Oil Prices Higher as Output Cut Deal Likely to Extend Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Oct 05 17 23:54 ET
Oil price rebounded, as the meeting between Saudi Arabia King Salman bin Abdulaziz and Russian President Vladimir Putin might bring about an extension of the output cut deal. The front-month WTI crude oil contract rose +1.62% while the Brent contract soared +2.15% for the day. Refined oil products also gained with the RBOB gasoline and heating oil contracts up +1.96% and +0.7% respectively.
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