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Oil N' Gold Focus Reports
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ONG Focus | Insights |
Written by Oil N' Gold |
Sat Feb 04 12 03:07 ET
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It was rather an eventful week despite the absence of major central bank meeting. Germany's Chancellor Angela Merkel started her 3-day trip in China, meeting leaders of the world's second largest economy for discussions on resolution of the Eurozone sovereign debt crisis, Iranian and Syrian issues, and rare earth restriction. Chinese Premier Wen Jiabao stressed that solving the European debt crisis is 'urgent' and China is 'considering more participation' in the European Financial Stability Facility (EFSF) and the European Stabilization Mechanism (ESM).
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ONG Focus | Insights |
Written by Oil N' Gold |
Fri Feb 03 12 00:20 ET
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It was a tale of two cities in the performance of 2 oil benchmarks. The sharp increase in oil supplies in the US continued to weighed on WTI crude oil prices while tensions over Iran boosted Brent crude prices for another day. Gold strengthened further on the Fed's easing prospect and weakness in the US dollar. The market sentiment fluctuated during the day, being lifted by Chinese Premier Wen's comments on European debts but then damped by the cold water poured by Jean-Claude Juncker, Head of the Eurogroup, regarding the EU summit measures and Greek PSI.
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Feb 02 12 04:06 ET
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Gold remained firm in European session with the benchmark Comex contract hovering around 1750. Given the turmoil in the Eurozone, Swiss franc has once again become a safe haven. Speculations have fueled that the SNB may resume intervention as the franc has risen against both the US dollar and the Euro in recent day. From the lesson in September last year, the fall in Swiss franc would trigger selloff in gold. While history may repeat should the SNB intervene in coming days, this should only be temporary. Given the reaction of the gold price to the January FOMC statement, the precious metal should glitter in the low-rate environment.
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Feb 02 12 00:17 ET
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Market sentiment was lifted by encouraging PMI data in February. Moreover, rumors of an agreement on Greek PSI and Fitch's comment on Portugal also sent risk appetite higher. Wall Street soared with DJIA and S&P 500 gaining +0.66% and +0.89% respectively. In the commodity sector, oil's performance was mixed. While Brent crude climbed higher on improved manufacturing data and tensions over Iraq, WTI crude erased all gains made earlier in the day after the DOE/EIA reported a sharp increase in crude inventory and a fall in gasoline demand.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Feb 01 12 12:20 ET
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According to the DOE/EIA weekly report, total crude oil and petroleum products stocks rose +8.41 mmb to 1055.83 mmb in the week ended January 27. Crude stockpile increased +4.18 mmb to 338.94 mmb as stocks gained in 4 out of 5 PADDs. Cushing stock added +1.48 mmb to 30.12 mmb. Utilization rate slipped -0.4% to 81.8%.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Feb 01 12 00:17 ET
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Oil prices moved with high volatility but ended with little change yesterday as investors were torn between anticipation of a Greek debt deal and disappointing US data. WTI crude oil prices for March delivery soared to as high as 101.29 earlier in the day before slipping to 98.48 at close while the equivalent Brent crude contract jumped to a 3-week high of 113.9 before ending the day at 110.98. Gold climbed higher despite a stronger US dollar.
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue Jan 31 12 05:00 ET
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Commodity prices rebounded in tandem with stock markets today as Greek debt talks appeared to have made good progress and Japanese production data surprised to the upside. WTI crude oil prices rose for the first time in 4 days while Brent crude soared after the plunge yesterday. Although Saudi Arabia assured that it would cover the shortfall of Iranian oil, China's oil demand this year may contribute to price increases.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Jan 30 12 23:21 ET
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Financial markets were a tad lower as the EU summit delivered no surprises to tackle the problems haunting the Eurozone. Wall Street dropped with DJIA and S&P 500 slipping -0.05% and -0.25% respectively. In the commodity sector, oil prices fell with the front-month contract for WTI crude oil dipping to a 3-day low of 98.43 before settling at 98.78, down -0.78%, while the equivalent Brent crude contract ending the day at 110.75, down -0.62%.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Jan 30 12 00:49 ET
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Financial markets retreated in Asia Monday as driven by disappointing US GDP and Fitch's downgrades of credit ratings of several Eurozone countries including Italy and Spain. The situation in Greece remained uncertain. The EU/IMF/ECB troika was unsatisfied with Greece's progress in budget reduction and warned that further funding might be withheld should the country fail to improve efficiency. A FT report stated that Germany required Greece to give up control over its fiscal decision.
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ONG Focus | Insights |
Written by Oil N' Gold |
Sat Jan 28 12 10:49 ET
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The precious metal complex glittered last week as the Fed announced to keep interest rates at exceptionally low levels until late 2014 and indicated further monetary easing is possible. The statement and the press conference held by Chairman Ben Bernanke were dovish enough to push the US dollar lower, helping the metals to climb higher.
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ONG Focus | Insights |
Written by Oil N' Gold |
Fri Jan 27 12 00:30 ET
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Oil traded with great volatility, soaring earlier in the day but most of the gains were then pared after a survey suggested that the embargo on Iran would have little impact on oil prices. The front-month contract for WTI crude oil ended the day almost flat at 99.74 while the equivalent Brent crude contract settled at 110.79, up +0.89% , after rising to as high as 111.89. |
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