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Oil N' Gold Focus Reports
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ONG Focus | Insights |
Written by Oil N' Gold |
Fri Sep 03 10 06:02 ET
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Commodity prices move sideways in European session as investors awaiting the US employment report. WTI crude oil eased a tad after a 2-day rally brought price to 75, mid-level of recent trading range. Gold changes little but the outlook remains firm. We find it worthwhile to discuss about the agricultural sector although it’s not under our prime coverage.
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ONG Focus | Insights |
Written by Oil N' Gold |
Fri Sep 03 10 00:49 ET
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More pleasant surprises from the US lifted sentiment. Despite thin trading ahead of the employment report, DJIA and S&P 500 gained +0.49% and +0.91%, respectively, after rallying strongly in the previous day. Crude oil reacted in synchronization with equities and surged for a second day to 75.02, gaining +1.50% at close. Focus of gold yesterday was on ECB’s meeting. The euro was a tad higher after the central bank revised up growth and inflation forecasts and this benefited gold as the 2 returned to traditional positive correlation last month. The benchmark contract for gold settled at 1253.4, +0.42%, yesterday.
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Sep 02 10 05:43 ET
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Gold climbed higher in European session, catching up with euro’s strength yesterday. Currently trading at 1251, uptrend for the yellow metal remains intact and as long as uncertainty in macroeconomic outlook persists, gold still has a chance to rise to a new record high. Crude oil trades narrowly around 74 after yesterday's rally. Despite a boost by robust manufacturing data, underlying fundamentals in the US oil market remains weak. We doubt if crude’s rally can sustain.
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Sep 02 10 01:21 ET
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Crude oil almost erased all losses made in the beginning of the week with the strong rebound driven by surprising improvement in US ISM manufacturing data. Although the US Energy Department reported for a second consecutive week, draws in gasoline and distillate inventories soothed market concerns. Settling at 73.91, the front-month WTI contract gained +2.77% on the first trading day of September. What worth noting is the jump of heating oil price to a 3-week high of 2.058 before closing at 2.041, up +2.48%, as distillate stockpile dropped for the first time in 14 weeks. Distillate demand also gained more than +8% during the week. Notwithstanding the volatile nature of the data, the increase together with strong ISM manufacturing data, boosted sentiment.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Sep 01 10 11:34 ET
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Total crude oil and petroleum products stocks increased for a 12th week, by +4.04 mmb, to 1143.35 mmb in the week ended August 27. Crude oil inventory gained +3.43 mmb to 361.71 mmb as driven by the builds in the Gulf Coast and the Rocky Mountain. Cushing stock dropped for a third week, by -0.50 mmb, to 35.75 mm. Utilization rate dipped -0.7% to 87.7%.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Sep 01 10 05:47 ET
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Gold climbs higher to 1253.4 in European session after soaring +0.90% yesterday. Among the various reasons triggering the metal’s rally after several days of consolidation last week, we believe slump in bond yields and FOMC minutes were the most prominent ones. While we are bullish for gold in the long-term, its performance in non-USD terms has not been as outstanding as in USD-terms. This suggests this round’s rally is not as broadly-based as the one earlier this year.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Sep 01 10 01:33 ET
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Wall Street began the day with a soft as driven by weakness in Asian and European bourses. However, prices rebounded as economic data released appeared stronger than expected. DJIA and S&P 500 Indices ended the day flat. In the commodity sector, crude oil price tumbled as Chicago PMI missed consensus. Slowdown in the manufacturing sector could dampen oil demand. Moreover, surprising increase in crude inventory also triggered the selloff. Gold rallied to a 2-month high after a few days of consolidation. Surge in Treasuries helped support the yellow metal. Today in Asia, stocks and oil prices were lifted higher as China’s PMI accelerated in August.
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue Aug 31 10 07:56 ET
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Investors continue to offload the long positions taken late last week as macroeconomic economic outlook remains uncertain. WTI crude oil price falls for a second day amid concerns that slowdown in US recovery will curb demand. Currently trading at 73.6, the font-month contract will probably record the first decline in 2 months. Oil products also weaken in tandem with gasoline tumbling almost -10% while distillate losing around -3%.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Aug 30 10 23:58 ET
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Investors turned risk averse again after the US data showed that personal income grew less than expected. Moreover, the market was disappointed as President Obama’s speech in the Rose Garden yesterday failed to outline concrete measures to boost the recovery. Wall Street opened lowered and continued heading south throughout the day with DJIA and S&P 500 losing -1.39% and -1.47% respectively. For the commodity complex, crude oil dropped, for the first time in 4 day, after climbing to 75.58, the highest level in more than a week, amid worries over demand outlook. Gold price traded sideways with price settling 1239.2, up +0.11%.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Aug 30 10 07:06 ET
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Currently trading at 74.8, WTI crude oil falls in European session after price edged higher to 75.58. The 3-day rally last week triggered profit-taking while strength in USD also weakened demand for commodities. Gold continues trading sideways around 1240. Recovery in market sentiment has lowered demand for gold over the past few days. Yet, the market remains bullish towards the metal in the long-term.
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ONG Focus | Insights |
Written by Oil N' Gold |
Sun Aug 29 10 23:24 ET
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Crude oil changes little in Asia Monday after last Friday’s rally. The front-month WTI contract trades narrowly around 75.5 as the market digests the dramatic price action in the prior week. Strength in stock markets continues to support oil prices. In Japan, the Nikkei 225 Stock Average jumped +3.05% to 9265.4 as the BOJ called for an emergency meeting today. The MSCI Asia Pacific Index added more than +1%.
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