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Oil N' Gold Focus Reports
WTI Crude Settled Below 50 as Exports Set New High Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Oct 04 17 23:40 ET
Crude oil price remained under pressure despite US inventory withdrawal. Traders put their focus on record high oil exports instead. Falling -0.87%, the front-month WTI crdue oil contract reverted to close below the 50 level. The Brent contract slipped -0.36% and settled at 55.8 for the day. Precious metals were mixed with gold mildly higher, after losing over the past three days, while silver drifted lower. In the FX market, major currencies were mixed against US dollar.
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Robust US Auto Sales Lifted Gasoline and Palladium Prices Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Oct 04 17 01:06 ET
Traders continued to take profit on last week's crude oil rally, sending the front-month WTI and Brent contracts -0.325 and -0.21% lower, respectively. For refined oil products, heating oil dropped -0.91% while the RBOB gasoline contract gained +0.66%. The strength in gasoline price was driven by the encouraging US auto sales data.
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Rajoy Created His Own Political Muddle; USD Firmed on Strong Manufacturing Data Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Oct 02 17 23:36 ET
While most news headlines are focused on the terrorist attack in Las Vegas, Wall Street strengthened on strong US manufacturing data. The DJIA and S&P 500 indices added +0.7% and +0.4% respectively. European shares also gained with the exception of Spain. The broad European Stoxx 600 index gained +0.5%, compared with a -1.5% selloff in Spain's benchmark IBES index.
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90% Voters Opt for Catalonia Independence, amidst Violent Attack by Central Government Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Oct 02 17 01:14 ET
On Sunday, the world has witnessed the violent suppression of the Spanish government on the Catalonia people would are fighting for independence. Despite the brutal attack by the national police (firing rubber bullets, seizing ballot boxes from polling stations, etc), the preliminary results of the Catalan referendum for independence show 90% in favor of independence with a turnout rate of 42.3% (2.3M votes).
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Weekly Fundamentals - Brent's Backwardation Should Contune to Support Price Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Sep 30 17 06:37 ET
Crude oil prices ended the third quarter with strong gains, driven by better demand outlook and tighter supply as OPEC/non-OPEC producers continued to curb output. The WTI crude oil contract rose +12%, while the Brent contract surged +20%, in 3Q17. However, the former has remained in the negative territory while the latter has registered mild gain year-to-date.
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Market Still Thrilled by US Tax Plan; Busy Data Calendar Ahead Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Sep 28 17 23:19 ET
Wall Street extended gains as investors expect the US Congress would likely pass the tax reform bill and as economic data were encouraging. The DJIA and S&P 500 indices rose +0.2% and +0.1% respectively. US dollar retreated with the DXY index slipping -0.3% after a 3-day rally. GBPUSD recovered after falling over the past 4 days, despite the lack of progress in the Brexit talks.
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Sentiment Buoyed by US Tax Reform Plan Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Sep 28 17 00:33 ET
Risk appetite was supported by the US tax plan announcement. While the details of the plan had been leaked, the market was thrilled as the plan is supported by the "Big 6", signaled more political hurdles have been overcome. Wall Street rose, so as the greenback and Treasury yields. The DJIA gained +0.3% while the S%P 500 index was up +0.4% for the day. US dollar gained with the DXY index adding +0.42%.
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Unexpected Decline in US Inventory Contained Oil's Retreat; Tax Reform Plan Awaited Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Sep 26 17 23:18 ET
Oil prices pulled back after the previous day's rally. The front-month WTI crude oil contract dropped -0.65% while the Brent contract fell -0.98% for the day. The surprisingly decline in US inventory released after market helped contained the retreat. In the precious metal complex, the benchmark Comex gold and silver contracts were down -0.75% and -1.49% respectively.
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Brent Surged as Turkey Threatened to Cut Kurdish Oil Exports Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Sep 26 17 00:22 ET
Tensions in the Middle East and North Africa (MENA) are still influential on oil prices. Turkey's threat to cut off oil exports from Iraq's Kurdish region lifted oil prices. The front-month WTI crude oil contract jumped +3.08% to settle at 52.22, highest close in 5 months. The Brent contract surged +3.8% to close at 59.02, a level not seen since July 2015.
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Kiwi and Euro Fell After Elections Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Sep 24 17 23:51 ET
The exciting weekend was dominated by two political events – the New Zealand and German Elections. NZDUSD plunged to a 1-week low while the EURUSD is modestly lower. The biggest parties in both elections failed to secure the majority of seats. As such, they are unable to form a government without entering coalition with other parties. For New Zealand election, the National Party has won 58, down 2 from the previous term and 3 short of majority.
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