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Oil N' Gold Focus Reports
Oil Prices Rallied to 5-Week High on Libya Oilfield Disruption Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Apr 10 17 23:56 ET
Energy prices rallied further on reported outage of Libya's biggest oil field. The front-month WTI crude contract jumped to a 5-week high of 53.18 earlier in the day before settling at 53.08, up +1.61%. Extending the rally for a 6th consecutive day, the Brent contract ended the day at 55.98, up +1.34%. Precious metals fell across the board
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Inflation Data as Key of the Week Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Apr 10 17 02:07 ET
Today, Fed Chair Janet Yellen would be speaking on the economic outlook and the monetary policy. For the week ahead, the monthly budget statement would be released on Wednesday. The budget deficit probably narrowed to US$150B in March, from US$192B a month ago.
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Weekly Fundamentals - US Airstrikes in Syria Complicate Middle Tensions, Oil Prices Outlook Mixed Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Apr 09 17 06:35 ET
Heightened geopolitical conflict was the key reason sending oil prices higher last week. US President Donald Trump launched airstrikes in Syria last Thursday, after Syrian President Bashar al-Assad "launched a horrible chemical attack on innocent civilians using a deadly nerve agent" earlier in the week. The front-month WTI crude oil contract rose to a 4-week high of 52.94 before settling at 52.24, up +3.24%.
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Hopes of Early Tapering Fade as Draghi Sees Little Need to Adjust Guidance Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Apr 06 17 23:50 ET
Dovish ECB triggered renewed selling in the single currency. EURUSD fell to a fresh 3-month low of 1.0627 before settling at 1.0642, down -0.19%, while EURCHF resumed the decline after rebounding over the past few days. As ECB President Mario Draghi noted in his speech, it is "clearly too soon to declare success on inflation" and he saw "no need to deviate from wording of forward guidance".
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Sentiment Damped after FOMC Hinted to Begin Phasing Out Reinvestment Policy Later this Year Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Apr 05 17 23:46 ET
The FOMC minutes for the March meeting sent yields and equities lower. US dollar index ended the day largely unchanged as bearishness of the FOMC minutes was partly offset by optimism from the ADP report. The minutes suggested that the Fed might begin shrinking its balance sheet in as soon as "later this year". The market probably interpreted the phasing out of the reinvestment policy as a de facto tightening measure which would reduce the urgency to hike interest rates.
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Crude Oil Prices Rose to 4-Week Highs as US Inventory Declined Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Apr 05 17 01:00 ET
Wall Street was mixed, ahead of the US-China meeting and the release of the March employment report, with energy, utilities and materials shares leading the gains while financials and consumer discretionary shares losing. The DJIA and S&P 500 indices gained +0.19% and +0.06%, respectively, for the day. European shares climbed higher with the basic resources index rising +1.5% and the oil sector adding+ 1%.
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Terrorist Threat Weighed on Sentiment Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Apr 04 17 00:43 ET
A terrorist attack as St Petersburg, Russia weighed on sentiment, driving investors to safe-haven assets. Equities weakened in both Europe and the US. European shares dropped from the highest levels in 16 months, led by financial and energy sectors. Wall Street slipped with DJIA and S&P 500 indices losing -0.05% and -0.16% respectively.
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Japan Business Sentiment Improved in First Quarter, but Outlook Not as Bright Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Apr 03 17 01:10 ET
Japan released its quarterly Tankan survey earlier today. The large manufacturer DI improved to +12 in 1Q17, from +10 in the prior quarter. However, this missed expectations of a bigger improvement to +14. The large non-manufacturer DI rose to +20, compared with consensus of +19% and 4Q16's +18, mainly driven by higher confidence in services and construction sectors.
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Weekly Fundamentals - Oil Rallied but Concerns over Fundamentals Remain Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Apr 02 17 05:56 ET
The front-month WTI crude contract rose above US$ 50/bbl again on Thursday and settled at a 3-week high of US$ 50.6/bbl, up +5.48%, for the week. The contract appeared to have found a bottom at US$ 47.01 last week. Brent crude oil rebounded after briefly breaking below US$50/bbl last week. The front-month contract rallied for 4 consecutive day and ended the week at US$ 52.83/bbl, up +4%.
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Sentiment Buoyed. US Revealed Infrastructural Plan without Further Details Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Mar 31 17 01:12 ET
Equities climbed higher in both Europe and the US, buoyed by Trump's US$1 trillion infrastructural plan. While the former was driven by industrial, mining and energy shares, the latter was boosted by energy and financial sectors. The broad European Stoxx 600 index gained +0.5% with the basic resources index rose gaining +1.6% and the oil & gas index up +1.2%.
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ECB Move Overshadowed Formal Brexit Trigger. Oil Prices Gained on Less than Expected Stock-build Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Mar 30 17 01:08 ET
Market reaction to the formal announcement of Brexit was relatively muted. GBPUSD initially extended weakness to a 1-week low of 1.2375 but then recovered to settle at 1.2432, down -0.13%. Euro was the worst performer among major currencies amidst speculations that the ECB would be cautious about changing its forward guidance on stimulus measures.
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