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Oil N' Gold Focus Reports
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Dec 03 08 01:14 ET
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Crude oil resumed recent decline after brief recovery to 50.25. In NY afternoon, WTI crude oil for January delivery plunged to 46.82, even lower than 47.49 made in Asian session Tuesday. Today, price recovered slightly to 47.75. However, we remain bearish on the outlook and believe price should fall to as low as 41.1/44.
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue Dec 02 08 07:57 ET
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Decline in oil price stabilized after finding a temporary 3.5-year low at 47.36. Yesterday, the black gold futures for January delivery lost 9% as indicators showed that economic conditions exacerbated in developed countries while growth in developing countries also slowed faster than expected.
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue Dec 02 08 00:08 ET
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Oil price nosedived Monday and lost 10% to close at 49.28. Today in Asian morning, the benchmark contract extended further weakness and broke below previous low at 48.25 to as low as 47.58. While weak demand and OPEC's delay of output decision underpinned the bearish outlook of oil price, tumble in stock market was the main reason for the decline in crude futures prices.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Dec 01 08 08:03 ET
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Crude oil plunged from 55.35 high made last Friday and is now trading at 52.11. Near-term bias remained on the downside as OPEC decided not to reduce oil output until mid- December while global economic outlook continued to worsen. For the coming weeks, we do not rule out the possibility that the benchmark contract would re-test the low at 48.25 formed on Nov 22.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Dec 01 08 00:53 ET
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Crude oil price fell to as low as 52.96 before recovering to 53.26 after the fact that OPEC has decided to keep production unchanged later this month. Intraday outlook for the black gold is slightly bearish as economic conditions remains weak and there's lack of good news so far.
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ONG Focus | Insights |
Written by Oil N' Gold |
Sat Nov 29 08 14:20 ET
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Last week, commodity prices rose with Reuters Jefferies CRB index added 4.5%. The bailout plans boosted investors' confidence that economic situation is improving. However, we do not think the impact is long-lasting as various economic data proved that consumers are spending less, companies are earning less and inflation levels are declining faster.
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ONG Focus | Insights |
Written by Oil N' Gold |
Fri Nov 28 08 07:51 ET
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Oil price maintained its sideways trading after opening slightly lower Friday. We expect price would remain in consolidation with mild upside bias through the day. On the past few days, the market was triggered by the $800B plan by the Fed, the 200B euro stimulus package by the European Commission as well as reduction of benchmark rates in China. Over the weekend, focus is on OPEC's meeting this Saturday. Several OPEC members have voiced out that they would urge to evaluate compliance with the cuts made since September.
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ONG Focus | Insights |
Written by Oil N' Gold |
Fri Nov 28 08 00:45 ET
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Crude oil continued to trade narrowly Friday as investors preferred to wait after OPEC's meeting in Cairo Nov 29. The 2 camps in the cartel have diverse opinion on reducing output on Saturday's meeting while it's almost definite for the group to cut in December. At current price level ($53.60), near-term outlook is neutral. Above Monday's high at 55.3 should signal a low has been formed at 48.25 and further upside to 71.77 cannot be ruled out. However, if price lost momentum and finally fell below 49.9, re-test of said low would be seen.
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Nov 27 08 05:49 ET
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Oil price continued hovering around $53 level Thursday. Near-term outlook on price is mixed as there are good and bad news surrounding us. On the positive side, the Fed committed up to $800 billion on Nov 25 in addition to the previous $750B to unfreeze credit for homebuyers, consumers and small businesses. It will also buy debts. The people's Bank of China announced to cut lending and deposits rate by 1.08%, hoping to put a floor in China's growth. As the largest and second largest oil consumers in the world, investors hope the policies adopted by the US and china would stimulate corporate and consumer activities which hence increase demand in oil.
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Nov 27 08 01:19 ET
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Oil price rose Wednesday despite higher-than-expected crude oil inventory recorded in US. The benchmark contract gained 8.3% to settle at 54.44. Investors' sentiment was boosted by rate cuts in China and president-elect Obama's economic team. US stock markets rose yesterday despite very bad economic data (US consumer spending dropped the most in 7 years and durable good orders declined twice as much as forecast, indicating economic crisis had dampened consumption). S&P 500 climbed 3.5% to 887.68 and the Dow Jones Industrial Average increased 2.9% to 8726.61.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Nov 26 08 12:14 ET
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The US Energy Department has released petroleum inventory for the week ended Nov 21. Crude oil stockpile increased 7.3 mmb, 7 times higher than the 0.5mmb addition surveyed by Bloomberg. Probably still thrilled by China's rate cuts and stimulus plans by the US, crude oil futures for November delivery dropped slightly from intra-day high at $53/bbl. However, the disappointing inventory data showed that demand/supply imbalance is still bad and has worsened. We still expect further downside on crude oil price.
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