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Oil N' Gold Focus Reports
FOMC Hiked Rates as Expected, Three More in 2018 Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Dec 14 17 02:19 ET
FOMC, as expected, raised the policy rate, by +25 bps, to the 1.25-1.5% range in December. However, the decision was made with Neel Kashkari and Charles Evans (both are doves) dissenting. The fed also upgraded the economic outlook, raising GDP growth forecasts and lowering the unemployment rate for the next year. Inflation would likely stay below the +2% target for the coming year.
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Oil Retreated on Profit-Taking; Market Holds Breath as FOMC Announcement Approaches Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Dec 12 17 23:22 ET
Oil prices retreated on profit-taking, after Brent crude prices soared to the highest level in more than 2 years. The decline was contained after a report showing US inventory slumped last week. For the first time in 4 days, the front-month Brent crude contract fell -2.09%, settling at 63.34, at close. The corresponding WTI contract dropped -1.47% for the day. Base metals were mixed.
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Brent Prices Soared to Highest in Over 2 Years on Pipeline Shutdown Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Dec 12 17 01:53 ET
Brent crude oil prices extend the rally to a new 2.5-year high in Asia Tuesday, after soaring +2.03% on the prior day as the North Sea's Forties Pipeline system reportedly shut down. WTI crude oil prices were also helped by the news with the front-month contract adding +1.1% for the day. Prices of base metals rebounded as traders awaited China's macroeconomic data in November.
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Busy Week Ahead: FOMC, ECB, BOE, SNB and Chinese Data Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Dec 11 17 02:10 ET
We have a busy week ahead. The 2-day FOMC meeting ending on Wednesday would bring the third rate hike for this year. While this move has been fully priced in, the market interest would be on the economic and risk assessment. We expect policymakers to turn more upbeat on the growth outlook with the job market continuing to improve. They should, however, remain cautious over the inflation outlook.
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Weekly Fundamentals - Base Metal Prices Slumped on Concerns over Tightening in China Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Dec 09 17 10:08 ET
The selloff in base metals last week was broadly based. While was the worst performer (LME zinc contract for 3-month delivery sank -5.12%), what caught most attention was copper (down -3.83%). Despite recovery after a sharp decline on Tuesday, copper price has continued hovering around the lowest level since October. In our opinion, rising inventory, concerns over tightening in China...
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Congress Passed a Spending Bill To Avert Government Shutdown Before Christmas Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Dec 08 17 01:28 ET
As the last-minute decision, the House voted 235-193, and the Senate voted 81-14 an hour after, to pass a stopgap spending bill, allowing the government to continue running until December 22. US dollar firmed against major currencies with the exception of the euro and sterling. The DXY index added +0.19% for the day. US Treasury yield curve was less flat ...
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Soaring Gasoline and Distillate Stockpiles, and Crude Oil Production, Signals Demand Receding Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Dec 07 17 00:18 ET
Surprising US stock-builds weighed on oil prices, sending the front-month WTI and Brent crude oil contracts down, by -2.88% and -2.61%, respectively. For refined oil products, the Nymex heating oil and RBOB gasoline contracts plunged -2.75% and -3.35% for the day. In the FX market, Canadian dollar was the worst performer against US dollar, amongst other major currencies.
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Base Metals Plunged on Profit-Taking. Aussie Reversed Gains Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Dec 06 17 00:49 ET
Base metals declined across the board with copper and nickel prices sank more than -4%. The selloff was mainly driven by year-end profit-taking, using an excuse of inventory increase. The LME copper contract, for delivery in March, slumped to 2 months' low of 6507.5 before settling at 6 543, down -4.51%. The latest data shows that copper inventory in LME warehouse rose 10.65K tonnes to 192.55K tonnes.
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Tax Reform Might Boost US Oil Investment, Bad for Prices Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Dec 05 17 00:08 ET
Oil prices steadied after the selloff on Monday. It appears to be a tug of war between optimism over OPEC/ non-OPEC's extension of output cut deal until end-2018 and ongoing concerns over US' production. Worries for the latter could be exacerbated by the US tax reform. Currently trading at 57.5, the front-month WTI crude oil contract settled at 57.47, dropping -1.53% yesterday.
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Senate Floor Approved Tax Bill; Reconciliation Next Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Dec 04 17 00:41 ET
Extending the late recovery last Friday after the Senate floor's passage of its version of the tax reform bill with a 51-49 vote, US dollar jumped across the board today. Currently trading at a 2-week high against Japanese yen, the greenback got dumped last Friday amidst new developments of the "Russia gate". Former White House national security advisor Michael Flynn agreed to testify against the Trump administration ...
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Weekly Fundamentals - Saudi Seeks to Bring Inventory Down to "Normal" Level Via Output Cut. US Shale The Swing Factor Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Dec 02 17 11:42 ET
OPEC/ non-OPEC's indication to extend the output cut deal until the end of 2018 sent oil prices higher. While rallying on Thursday and Friday, both benchmark crude oil contracts ended the week lower. Indeed, crude oil prices have extended the rally for three consecutive months, amidst hopes of extension of the deal and geopolitical tensions in the Middle East.
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