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Oil N' Gold Focus Reports
BOE Hike, Powell as New Fed Chair, US Tax Plan... All As Expected. Focus Now On Nonfarm Payrolls Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Nov 02 17 21:32 ET
Events in the UK and the UK roiled the financial markets. BOE's dovish rate hike accelerated British pound's selloff which had started a few hours before the official announcement. US President Donald Trump announced that he has nominated Jerome Powell to the Senate as the next Fed Chair. The House released the tax plan but contained little surprise. In the FX market, US dollar fell against major currencies, with the exception of the pound...
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Crude Oil Prices Slipped on Higher US Output Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Nov 01 17 23:12 ET
The front-month WTI crude oil contract retreated, after rising to a 10-month high of US$ 55.22/bbl (just 2 cents shy of 2017-high of US$ 55.24/bbl) earlier in the day. Traders took the EIA inventory data as a reason for profit-taking. The WTI contract slipped -0.15% for the day. The corresponding Brent contract also dropped after soaring to the highest level in more than two years.
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Crude Oil Rallied 5-7% in October, Wide WTI-Brent Spread Might Encourage US Exports Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Oct 31 17 22:54 ET
Recording 5-7% gains in October, crude oil prices began the third quarter in a good shape. The key drivers for the rally were geopolitical tensions aided by OPEC/ non-OPEC verbal support for extension of the output cut deal. Whether the strength can sustain in the last two months of the year depends on the demand/supply balancing and other unexpected events across the globe. The front-month Brent crude contract gained +0.77% in the last day of October...
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Gold Climbed Higher as Talks of "Gradual" Tax Cut Approach Pressured USD and Yields Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Oct 30 17 22:39 ET
Oil prices extended gains with the Brent crude contract closing above US$ 60/bbl for a second day. Traders remained thrilled by support from Saudi Arabia and Russia of extension of the output cut deal. The front-month Brent contract climbed +0.76%, while the WTI contract was up +0.465, for the day. Precious metals recovered on bargain hunting.
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Busy Week ahead in US Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Oct 29 17 23:44 ET
The greenback takes a breather, after rallying to a 3-month high last week, ahead of a eventful week. At the time of writing this report, the DXY index has slipped -0.1% as USD is pulling back against major currencies with the exception of CAD. The market is cautiously waiting for President Trump's announcement of the next Fed Chair.
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Weekly Fundamentals - Brent Crude Broke Above US$ 60/bbl Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Oct 29 17 00:08 ET
Oil's rally gathered momentum on Friday as Saudi Arabia reinforced support of extending the output cut deal beyond March 2018 and Iraqi conflicts have shown no signs of abating. While these two factors had sent the Brent crude contract above US$ 60/bbl for the first time since March 2015, draws of gasoline and distillate stockpiles and the broad-based strong sentiment were supportive of the oil market last week.
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EURUSD Plunged as ECB embarked Dovish Tapering. US Passed Budget, Tax Reform Next Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Oct 26 17 22:43 ET
What dominated market attention was ECB's tapering announcement and US' House approval of the US$ 4 trillion budget plan for fiscal 2018. Dovish sentiment of the former and indication of the latter as a step closer to the tax reform plan together resulted in an almost -1% decline in EURUSD. The greenback indeed rose across the board, lifting the DXY index to +0.96% higher on Thursday. Stock market strengthened.
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Unexpected Inventory Gain Pressured WTI Prices Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Oct 26 17 00:52 ET
Surprising increase in crude oil inventory weighed on WTI crude oil price, sending the front-month contract -0.55% lower at close. The corresponding Brent contract climbed higher, thus widening the WTI-Brent spread. In the FX market, US dollar was mixed against major currencies, sending the DXY index -0.06% lower for the day.
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Oil Prices Climb Higher on Inventory Draw Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Oct 24 17 22:39 ET
Oil prices remained firm with refined oil products leading the gains. After strengthening over the past 2 consecutive weeks, heating oil and RBOB gasoline prices have shown no signs of fatigue. The latest driver came from API's report showing huge inventory draws. The front-month Nymex heating oil and RBOB gasoline contract soared +1.925 and +2.2% respectively.
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Quiet Market with Focus on Passage of US Budget and ECB Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Oct 23 17 21:53 ET
US dollar firmed on expectations that that the House members would pass the revised Senate budget this week, paving the way for the tax reform plan. The greenback rose against major currencies, sending the DXY index higher by +0.46%.
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Abe Secures Two-Third Majority in Snap Election, Yen Lower Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Oct 22 17 20:42 ET
Landslide victory of PM Shinzo Abe's Liberal Democratic Party (LDP) at the snap election has sent USDJPY to the highest level since July. Unlike other currencies that tend to strengthen in light of erasure of domestic uncertainty, Japanese yen, as a safe haven asset, weakens as the political status quo is preserved.
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