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Oil N' Gold Focus Reports
Senate Floor Approved Tax Bill; Reconciliation Next Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Dec 04 17 00:41 ET
Extending the late recovery last Friday after the Senate floor's passage of its version of the tax reform bill with a 51-49 vote, US dollar jumped across the board today. Currently trading at a 2-week high against Japanese yen, the greenback got dumped last Friday amidst new developments of the "Russia gate". Former White House national security advisor Michael Flynn agreed to testify against the Trump administration ...
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Weekly Fundamentals - Saudi Seeks to Bring Inventory Down to "Normal" Level Via Output Cut. US Shale The Swing Factor Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Dec 02 17 11:42 ET
OPEC/ non-OPEC's indication to extend the output cut deal until the end of 2018 sent oil prices higher. While rallying on Thursday and Friday, both benchmark crude oil contracts ended the week lower. Indeed, crude oil prices have extended the rally for three consecutive months, amidst hopes of extension of the deal and geopolitical tensions in the Middle East.
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OPEC Sought to Maintain Output Cut for Full 2018. Russia Requested to Review in June Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Dec 01 17 00:47 ET
Crude oil prices jumped as there are signs that OPEC/ non-OPEC would extend the output cut deal to the end of 2018. The front-month WTI crude oil added +0.17% while the Brent contract rose +0.73% for the day. The price gains were not strong as the final deal would be reviewed in June as a compromise to Russia's request. Therefore, any output cut after expiration of the existing deal in March 2018 is not guaranteed.
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Crude Oil Retreated as Traders Awaited OPEC/ non-OPEC Announcement Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Nov 30 17 01:29 ET
Oil trading was volatile as the 2-day OPEC/non-OPEC meeting began. While the rally over the past few weeks was hinged on hopes of an extension of the output cut deal, nothing has guaranteed. In particular, the attitude from Russia has been ambiguous. While the country has indicated the intention to maintain oil price stability, it has also noted that it might raise supply in the coming year (depending on OPEC's future action).
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Risk Appetite Stimulated by Powell's Deregulation Comments, Senate Committee's Approval of Tax Plan Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Nov 29 17 00:04 ET
Market sentiment was buoyed by a number of events including comments from the incoming Fed Chair Jerome Powell, approval of the Republican tax bill the Senate Budget Committee and the progress of the Brexit talks with the UK and the EU close to conclude the amount of the divorce bill. Wall Street soared to fresh record highs with the DJIA and S&P 500 indices +1.09% and +0.98% respectively.
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OPEC/Non-OPEC Meeting, Senate's Tax Vote in Focus Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Nov 26 17 23:28 ET
The euro takes a break in Asia Monday after rallying to a 2-month high against the US dollar last Friday. The strength was driven by strong German sentiment and signs of breaking the political deadlock. The greenback is also moving sideways as the market awaits Senator's vote on the tax reform plan. In the commodity sector crude oil prices steadies after jumping to a fresh 2-year high last Friday, on speculations that OPEC/non-OPEC would affirm extension of the output cut plan at the November 30 meeting. Despite recovery from the low made on October 31, the WTI-Brent spread has stayed at the widest level in more than 2 months.
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Pipeline Disruption Sent WTI Crude Oil to Two-Year High Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Nov 24 17 04:51 ET
WTI crude oil prices climbed higher as trading resumed after holiday, catching up the oil rally amidst output disruptions along the major oil pipeline from Canada to the US. The front-month contract has risen to a fresh two-year high of 58.58 earlier in the day before pullback. While the US market was closed, major currencies strengthened against the greenback.
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Crude Oil Prices Jumped, Helped by USD Weakness and Inventory Draw Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Nov 23 17 00:23 ET
US dollar extended another leg lower ahead of holiday, on the heels of the November FOMC minutes. The market focused on the discussions of potential persistence of weak inflation and dumped the greenback, sending it -1.09% lower against Japanese yen and -0.91% against Swiss franc. The DXY index slipped -0.78% for the day. Treasuries gained ground, with yields lower. 2-year yields dropped -5 points to 1.73% whilst 10-year yields were down -4 points to 2.32%.
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Commodities Strengthened as Sentiment Buoyed by New Highs in Wall Street Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Nov 22 17 01:26 ET
Wall Street rallied to new record high ahead of the Thanksgiving holiday, driven by teach and healthcare shares. European shares also climbed higher as confidence over economic outlook overshadowed Germany's political drama. US Treasuries were mixed ahead of the FOMC minutes for the November meeting. The yield curve flattened further to the level not seen in a decade with a +2 point rise in 2 years' yields and 10 years' yields.
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Greenback's Strength Weighed on Commodities Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Nov 20 17 22:37 ET
Commodities fell across the board, as the rise in greenback weighed on USD-denominated assets. In the oil markets, traders continued to take profit from the recent rally, unloading their long positions from the current elevated levels. The front-month WTI and Brent crude oil contracts fell -0.81% and -0.8% respectively. Precious metals also softened, as the market has for now shrugged off the re-emerging political uncertainty in Germany.
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Euro Fluctuates as German Coalition Talk Collapses, New Election Possible Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Nov 20 17 04:05 ET
Euro fluctuated in an otherwise quiet market as political instability reemerges in Germany. While the market had anticipated a Jamaica (CDU/CSU + FDP + Greens.) coalition government would likely be formed after the federal election in September, the negotiations collapsed with FDP walking out from the exploratory talks over the weekend. The four parities failed to agree on controversial issues such as migration and energy policies.
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