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Oil N' Gold Focus Reports
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed May 09 12 11:37 ET
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According to the DOE/EIA weekly report, total crude oil and petroleum products stocks jumped +1.53 mmb to 1071.10 mmb in the week ended May 4. Crude stockpile increased +3.65 mmb to 379.52 mmb as stockpiles increased in 4 out of 5 PADDs. Cushing stock alone rose +1.16 mmb to 44.13 mmb. Utilization rate increased +0.4% to 86.4%.
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue May 08 12 22:37 ET
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Financial markets slumped amid European sovereign debt crisis concerns. The newly elected Greek government has to decide whether, and how, to repay interests of bonds due on May 15. Gold tumbled, inline with the euro, amid worries of Greek default. The benchmark comex contract of the yellow metal plunged to a 4-month low of 1595.5 before ending the day at 1604.5, down -2.11%. Prices remained under pressure in Asian trading Wednesday.
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue May 08 12 07:45 ET
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Financial markets remained under pressure ahead of US session. In the commodity sector, the front-month contract for WTI crude oil price decline for a 4th consecutive day to as low as 96.71 while the equivalent Brent crude contract slumped to 112.11. Oil was also weighed down by Saudi Arabia's Oil Minister Ali al-Naimi's comments that prices were still too high.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon May 07 12 23:58 ET
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Wall Street slumped in early trading session amid concerns about the increase in difficulty in handling the sovereign debt crisis in the Eurozone after French and Greek elections. Shares recovered later in the day as European bourses rebounded. The DJIA and the S&P 500 indices ended the day at -0.23% and +0.04% respectively. In the commodity sector, crude oil initially plummeted but then rebounded to close almost flat.
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ONG Focus | Insights |
Written by Oil N' Gold |
Sun May 06 12 23:46 ET
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While the market has not recovered from the disappointing US job data, concerns about the sovereign debt crisis in the Eurozone exacerbated the sentiment as the Socialist party won the French election while exit poll of the Greek election suggested that supports for both pro- and anti-bailout parties are similar. As the new governments of both European countries are likely to opt for less austerity, the outlook to resolve the sovereign debt problems in the region has turned more difficult.
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ONG Focus | Insights |
Written by Oil N' Gold |
Sat May 05 12 05:01 ET
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Oil prices extended slump on Friday amid weaker than expected US payroll data. Concerns over the recovery momentum of the US and reemergence in sovereign debt problems in the Eurozone have weighed on commodity prices. Although the US ISM manufacturing data remained firm, rising +1.4 points to 54.8 in April, compared with consensus of 53, the manufacturing PMI in the UK unexpectedly fell to 50.5 in April, compared with market expectations of 53.
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ONG Focus | Insights |
Written by Oil N' Gold |
Fri May 04 12 00:00 ET
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Crude oil prices plummeted Thursday after the OPEC indicated to raise output to bring down prices. Bearishness was exacerbated by weaker than expected US ISM non-manufacturing index which overshadowed the drop in the number of initial claims. The front-month contract for WTI crude oil fell to 102.36, the lowest level since April 23, before ending the day at 102.54, down -2.55%. Gold also slumped as driven by the selloff in the euro.
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ONG Focus | Insights |
Written by Oil N' Gold |
Fri May 04 12 00:00 ET
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Crude oil prices plummeted Thursday after the OPEC indicated to raise output to bring down prices. Bearishness was exacerbated by weaker than expected US ISM non-manufacturing index which overshadowed the drop in the number of initial claims. The front-month contract for WTI crude oil fell to 102.36, the lowest level since April 23, before ending the day at 102.54, down -2.55%. Gold also slumped as driven by the selloff in the euro.
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu May 03 12 01:32 ET
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Commodity prices declined as US and European macroeconomic data disappointed the market. Employment data in both sides of the Atlantic came in weaker than expected. The front-month contract for WTI crude oil price fell to 105.22, down -0.89% while the equivalent Brent crude contract slumped to a 5-day low of 117.64 before settling at 118.2, down -1.22%. Gold dropped for a second consecutive day to 1654.0, down -0.51%.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed May 02 12 11:15 ET
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According to the DOE/EIA weekly report, total crude oil and petroleum products stocks jumped +1.91 mmb to 1069.57 mmb in the week ended April 27. Crude stockpile increased +2.84 mmb to 375.86 mmb as stockpiles increased in 4 out of 5 PADDs. Cushing stock alone rose +1.21 mmb to 42.97 mmb. Utilization rate increased +1.30% to 86.0%.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed May 02 12 00:07 ET
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Crude oil strengthened as the US ISM manufacturing index beat market expectations. The front-month contract for WTI crude oil prices soared to 106.43 , the highest level since March 28 before settling at 106.16, up +1.23%. Manufacturing activities in other countries were not as strong with the UK index falling while China’s data climbed less than expected. The RBA unexpectedly cut interest rates by -50 bps to 3.75%. This had weakened the Australian dollar but did not have much impact on commodity prices.
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