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Oil N' Gold Focus Reports
US Entangled by Domestic Politics; BOC Meeting in Focus Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Jul 12 17 00:37 ET
US economic policies have been overshadowed by domestic politics since Donald Trump's inauguration as the president. The latest development is that his eldest son, Donald Trump Junior, released an email chain referring to a meeting held with a Russian government lawyer.
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Crude Oil Resumes Decline, Shrugging Off Speculations that Nigeria and Libya Might Join Output Cut Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Jul 11 17 05:55 ET
After a brief recovery, crude oil resumed the decline on oversupply concerns. Kuwait and Russia have been indicating that Libya and Nigeria might join the output cut deal, and this is likely a key topic I the upcoming OPEC/non-OPEC meeting on July 24, the market is apparently not thrilled by the news.
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Strength in USD unsustainable; Crude Oil Prices Recover after Selloff Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Jul 09 17 23:55 ET
Although US dollar bounded back following the strong payrolls report last Friday, we refrained from being overoptimistic over its outlook in the medium-term. June marked the hawkish turns of several major central banks (including ECB, BOC and BOE), sending their respective currencies higher against US dollar. Note, however, that sterling was an exception as the market remained concerned over the uncertainty of Brexit negotiation, together with recent disappointing dataflow.
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Weekly Fundamentals - Oil Prices Resumed Slump as Libya and Nigeria Soared; US Rigs Rose Again Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Jul 08 17 11:35 ET
The output cut deal implemented by OPEC and other oil exporters in January, and the announcement of its extension in May, had given oil prices a boost. However, despite the high compliance level of the participants, the cut does not seem to be sufficient to sustain crude oil price mid-50 levels or above.
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Bond Yields Rallied after Hawkish ECB, US Payrolls in Focus Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Jul 07 17 00:04 ET
Bonds, especially the long-dated ones, got dumped, driven by a more hawkish-than-expected ECB minutes, comments by Bank of France's Governor Francois Villeroy de Galhau and weak French 30-year bond auction. 10-year yields in Germany, France, Italy and Spain rallied 9 to 11 bps for the day. The sentiment also spread to the US and UK. 10-year yields of the US and UK gained 4 bps and 6 bps for the day.
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FOMC Yet to Reach Consensus over Balance Sheet Reduction; Oil Prices Slumped on Renewed Supply Concerns Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Jul 05 17 22:56 ET
The rally in US dollar and Treasury yields after the release of the FOMC minutes proved short-lived. The DXY index rose to a one-week high of 96.51 before pulling back to 96.29, up a+0.07%, at close. 2-year Treasury yields slipped -2 points to near 1.41% while 10-year yields also dropped -2 points to about 2.33%.
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ECB Officials Downplayed Recent Hawkish Comments Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Jul 05 17 00:48 ET
Financial markets were slightly risk off with US on holiday. European shares eased on profit-taking, with the exception of Italian financial shares which soared after Monte dei Paschi Siena was reported to have received approval from the European Commission to proceed with a state bailout.
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Sentiment Boosted as ISM Beat Consensus; Aussie Slipped on RBA Announcement Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Jul 04 17 01:27 ET
Financial markets began the third quarter with positive sentiment, driven by strong ISM manufacturing index. Wall Street strengthened with DJIA and S&P gaining 0.61% and +0.23% respectively. Tech stocks were, however, an exception with Nasdaq losing -0.88% for the day. European shares also climbed higher with the Stoxx 600 index rising +1.06%.
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Oil Price Rally Will Soon Dissipate as Offset by Rising Output Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Jul 03 17 00:53 ET
Crude oil prices remained firm, on the first trading day of 2H17, extending the recent rally for a 8th consecutive day. Ending the first half at 46.04, the front-month WTI crude oil contract lost -14.82% from December 2016, while the Brent contract was down -16.32% for the period. The recent strength was only a brief recovery from the selloff.
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UK Election Leads to Hung Parliament Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Jun 09 17 03:40 ET
The event in focus is undoubtedly the UK election that ends in hung parliament, as Conservatives were short of a majority. British pound dived to as low as 1.2683 against US dollar, erasing the gains made following PM Theresa May had announced the snap election in April. EURGBP also rallied as much as -2% although the euro has weakened against the greenback after the ECB meeting Interestingly, European stocks futures recovered after losing earlier in the day.
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Crude Oil Slumped as US Inventory Rose for the First Time in 9 Weeks. Busy Day Ahead Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Jun 08 17 00:13 ET
We have a busy day on Thursday, with UK general election, ECB meeting and former FBI Director James Comey's testimony under the spotlight. Ahead of these events, what dominated the focus was the slump in crude oil prices, after the US reported increase in inventory. The front-month WTI crude oil contract dived to a 1-month low of 45.65 before ending the day at 45.72, down -5.13%, while the Brent crude contract plunged -4.11%, and settled at 48.06.
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