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Oil N' Gold Focus Reports
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Feb 13 12 23:28 ET
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Financial markets firmed a tad as the Greek Parliament approved an austerity plan which involves reduction of 325M euro. Wall Street climbed with DJIA and S&P 500 rising +0.57% and +0.95% respectively. In the commodity sector, oil prices soared with the front-month contract for WTI crude oil rising to a 2-week high of 100.91 and the equivalent Brent crude contract gaining +0.53% during the day.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Feb 13 12 00:52 ET
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Market sentiment appeared to have improved in Asia Monday, probably amid the Greek parliament's approval of additional measures. European ministers and private creditors will decide this week on the rescue plan which needs to be approved before Greece's debt repayment due on March 21. Investors worried about that Greece might not be able to reach a deal with the EU/ECB/IMF troika after riots in Athens and other cities resulted in injuries to over 120 people.
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ONG Focus | Insights |
Written by Oil N' Gold |
Sat Feb 11 12 03:41 ET
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Oil prices slumped on Friday after the IEA downgraded its global oil demand from 2012 for a 6th consecutive month and the economic outlook is 'darkening'. The agency forecast that oil demand this year will reach 89.9M bpd, up +0.8M bpd from a year ago. This was revised from January's forecast of 90.2M bpd. Despite the downward revision, the IEA's estimate remained the highest among the 3 major oil agencies (DOE/EIA: 89.3M bpd; OPEC: 88.8M bpd).
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Feb 09 12 23:48 ET
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A ray light in Greece was seen as the Greek Prime Minister announced that 'discussions between the Greek government and the Troika were successfully completed'. Greece and the EU/IMF/ECB troika appeared to have agreed a package of austerity measures and economic reforms for tapping the new tranche of rescue funding. The package is scheduled to be voted in the Greek Parliament on Sunday. The agreement will be discussed at the Eurzone finance ministers meeting to be held in Brussels and then be voted on by the EU Parliament.
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Feb 09 12 23:48 ET
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A ray light in Greece was seen as the Greek Prime Minister announced that 'discussions between the Greek government and the Troika were successfully completed'. Greece and the EU/IMF/ECB troika appeared to have agreed a package of austerity measures and economic reforms for tapping the new tranche of rescue funding. The package is scheduled to be voted in the Greek Parliament on Sunday. The agreement will be discussed at the Eurzone finance ministers meeting to be held in Brussels and then be voted on by the EU Parliament.
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ONG Focus | Insights |
Written by Oil N' Gold |
Thu Feb 09 12 06:05 ET
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Brent crude held up in European session. Iran’s threat to imminently stop oil exports to some EU countries has raised concerns. However, Iran’s comments are more likely a threat than an actual move by the Middle East nation which has heavy reliance on oil exports. While the market has speculated that countries that did not support sanctions (such as China) would take this advantage to increase oil purchases at a discount, the reality is that China, Irans biggest buyer of crude, continue to buy only half the volumes. Other Asian countries, such as South Korea and Japan, are reducing their intakes.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Feb 08 12 23:51 ET
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Financial markets waxed and waned on Greek bailout fund and the PSI deal. A step closer to the new tranche of funding as the debt-ridden government agreed to cut minimum wage by 20-22%, reduce public service job by 15 000 and lower pensions. The EU/IMF/ECB troika remained scheduled to hold a meeting at 6 pm in Brussels tomorrow to discuss the Greek rescue package. Germany's Deputy Finance Minister Steffen expressed his disappointed in Greece, saying the country had made little progress since 2010.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Feb 08 12 12:55 ET
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According to the DOE/EIA weekly report, total crude oil and petroleum products stocks rose +4.17 mmb to 1059.64 mmb in the week ended February 3. Crude stockpile increased +0.30 mmb to 339.25 mmb as stocks gained in 4 out of 5 PADDs. Cushing stock added +0.37 mmb to 30.49 mmb. Utilization rate increased +1.0% to 82.8%.
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ONG Focus | Insights |
Written by Oil N' Gold |
Wed Feb 08 12 00:13 ET
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Despite the delay of a meeting between Greece and the IMF/EU/ECB troika due to 'missing paperwork' and the unexpected decline in Germany industrial production, market sentiment was buoyed as a the Greek deal is expected to be finalized soon. Fed Chairman Ben Bernanke reiterated what he said before at the testimony before the Senate Budget Committee signaling the monetary stance has not been changed after the January employment report.
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue Feb 07 12 02:25 ET
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The gap between WTI and Brent crude oil prices widened further with the spread falling to -19.02 yesterday, the lowest level since November 2011. Two reasons were attributable to the phenomenon: Abnormal weather in Europe and intensification of tensions between Iran and the West. Apart from Iran, disruption of oil production in South Sudan and Nigeria increases risks in oil supply.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Feb 06 12 23:47 ET
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Market sentiment was negatively affected by the lack of progress in Greece's PSI and deal with the troika regarding the new bailout package. Wall Street retreated with the DJIA and S&P 500 losing -0.13% and -0.04% respectively. 2 major crude oil benchmarks continued to move in opposite directions. WTI crude oil slipped amid talks of IEA's downgrade of its 2012 demand forecast while Brent crude surged on exceptionally cold weather in Europe and global supply constraints after sanctions on Iran. Gold price eased a tad as the US dollar strengthened.
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