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Oil N' Gold Focus Reports
Weekly Fundamental - Geopolitics Heightened; OPEC Meeting in Focus Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Aug 06 17 03:02 ET
Both crude oil prices and US dollar strengthened after strong nonfarm payrolls report on Friday. While the two assets usually displayed negative correlation (as crude oil price is denominated in USD), the positive movement last Friday was driven by better economic outlook and heightened Fed funds rate hike expectations, respectively.
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US Job Data in the Limelight Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Aug 04 17 00:34 ET
The non-manufacturing ISM surprisingly dropped -3.5 points to 53.9 in July while the final Markit service sector PMI was revised +0.5 point higher to 54.7. Looking into the details of the ISM report, the employment index dropped -2.2 points to 53.6 while new orders index was down -5.4 points to 55.1. Separately, factory orders grew +3% m/m in June, compared with consensus of +2.8% and a -0.3% drop a month ago.
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Crude Oil Recovered; BOE Awaited; Geopolitical Tensions Intensify Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Aug 02 17 23:05 ET
Crude oil prices recovered as the EIA reported another week of decline in US oil inventory. The front-month WTI crude oil contract added +0.88% for the day while the Brent contract was up +1.12% to settle a 52.36. US Treasury prices were largely flat with the Treasury Department suggesting that it was considering the issuance of an ultra long bond.
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OPEC Output Soared to Year-High Despite Pledge to Cut Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Aug 01 17 23:44 ET
Crude oil prices retreated after a 6-day rally, upon receiving some hard data pointing to abundant supply. The front-month WTI crude oil contract initially climbed higher to 50.43 before settling at 49.16, down -2.01%. The Brent contract ended the day at 51.78, down -1.65%.
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Oil Prices Highest in Two Months, Driven by Upcomign Producer Meeting, Sanctions over Maduro Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Jul 31 17 23:52 ET
Both crude oil benchmarks settled above US$ 50/bbl, amidst optimism over OPEC/non-OPEC meeting next week. Threat of US sanctions against Venezuela added to hopes of tightening supply. Gains were limited as a Reuters report showed that OPEC June production was revised higher by +0.2M bpd in June.
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Busy Week Ahead: RBA, BOE, US Nonfarm Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Jul 30 17 22:01 ET
We have a busy week ahead, focusing on central bank meetings and US employment report. The RBA meeting due today would bring no change in the monetary policy. However, the central bank's neutral rate rhetoric gave Aussie a boost. At the July meeting minutes, RBA noted that neutral nominal cash rate is currently at around 3.5%...
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Weekly Fundamentals - Oil Prices Surged on Hopes of Oil Market Rebalancing Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Jul 29 17 11:54 ET
The oil market was the star performer last week. Prices were driven higher by a number of factors including decline in US oil inventories, a retreat from elevated output and better demand. The front-month WTI crude contract jumped +8.61% to settle at 49.71, while the Brent contract rallied +9.28% to close at 52.52.
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Copper Extended Gains for Fifth Day on China's New Regulations Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Jul 27 17 23:43 ET
US dollar index recovered modestly on strong durable goods orders. The DXY index climbed +0.2% to settle at 93.86. However, the greenback mainly gained against Swiss franc and Japanese yen, while closed lower against other major currencies including the euro and Canadian dollar.
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Fed Signaled to Reduce Balance Sheet Soon Despite Weak Inflation Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Jul 26 17 23:07 ET
US dollar extended recent weakness after the FOMC meeting announcement. The Fed left it monetary policy unchanged, maintaining the Fed funds rate target at 1-1.25%. Two new developments were: 1) the Fed noted that balance sheet reduction would begin "relatively soon"...
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Oil Prices Jumped as US Explorers Cut Capex, Helping Limit Output Growth Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Jul 25 17 22:48 ET
Oil prices rallied on hopes that output surplus would come under control. The front-month WTI crude oil contract jumped to a 8-week high of 48.66 before settling at 47.89, up 3.35%. The Brent contract rose above 50 for the first time since June and closed at 50.2, up +3.29%. The market was thrilled as Anadarko Petroleum signaled that it would cut capital spending plans while Saudi Arabia pledged to reduce exports.
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Crude Oil Recovers as Saudi Arabia Promised to Cut Exports in August Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Jul 24 17 23:10 ET

Crude oil prices recovered in an otherwise quiet market, driven by the OPEC's pledge to cut exports in August. UAE energy minister Suhail Al Mazrouei noted that the members might discuss further extension of the output cuts in November. The front-month WTI crude oil contract climbed higher to 46.53 before ending the day at 46.34, up +1.25%, while the Brent contract gained +1.12% to close at 48.6 for the day.

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