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Oil N' Gold Focus Reports
Commodities Firmed as USD Plunged on Disappointing Job Data Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Jan 06 17 00:18 ET
Crude oil remained firm as the EIA/DOE report shows huge decline in inventory. The front-month WTI contract gained +0.94% while the Brent contract was up 0.76%. Refined oil product prices were mixed as both gasoline and distillate stockpile soared last week. Precious metals extended recent gains with the benchmark Comex gold and silver contracts rising +1.37% and +0.52% respectively.
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API Estimated Biggest US Inventory Fall in 4 Months Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Jan 05 17 01:25 ET
Energy prices rebounded on report of US inventory draw and the retreat of US dollar. the front-month WTI crude oil contract initially rose to 53.43 before ending the day at 53.26, up +1.78%, while the Brent contract settled at 56.46, up +1.79%. Prices of refined oil products also gained for the day.
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Crude Oil Prices Dropped ahead of Beginning of Output Cut Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Jan 04 17 00:59 ET
Crude oil prices retreated for three days in a row. After initially rising to 18-month high of 55.24, the front-month WTI crude contract reversed gains and ended the day at 52.33, down -2.59%. Settling at 55.47, the front-month Brent crude contract also plunged -2.38%, after rising to 58.37 earlier on Tuesday. Traders took profit as the OPEC/non-OPEC output cut would take effect on Sunday.
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Whether Oil's 2016 Rally Can Continue in 2017 Depends on Output Cut Promise Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Jan 03 17 01:10 ET
Happy 2017! Crude oil recorded lucrative gains in 2016 as prices rebounded from decade low levels of US$ 30-ish/bbl in the prior year. Soaring over +50%, this marked the first annual gain for Brent crude oil in 4 years. The +45% rally in WTI crude oil also marked the first yearly increase, following the selloff, totaling -76%, over the previous 2 years. Apart from the low base, the rally was driven by ongoing speculations that OPEC and non-OPEC producers would freeze/cut output.
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US Dollar Plunged to 2-Week Low as Yields Declined Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Dec 30 16 01:40 ET
US dollar fell against major currencies on well-received bond auctions. The USD index (DXY) extended weakness for a second consecutive, dropping to a two-week low of 101.99 today in Asian session. In the commodity sector, crude oil prices pulled back from recent strength. Refined oil products climbed higher with heating oil and RBOB gasoline prices adding +0.26% and +0.44% respectively. Precious metals were mixed.
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USDCNY Prone to Break 7 in 2017 Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Dec 29 16 02:10 ET
PBOC condemned "irresponsible media report" of the selloff of renminbi and confirmed the rate of USDCNY (onshore) remains stable between 6.95 and just below 6.96.
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Commodities Firmed after Holiday; Japanese Yen Weakened as Data Disappointed Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Dec 28 16 01:23 ET
Crude oil prices remained firm as the markets reopened after holiday. The front-month WTI crude oil rose for a 7th consecutive day, gaining +1.66% on Tuesday and +5.77% over the past week, and settled at 53.9, the highest close since July 2015. The Brent crude contract also gained +1.69% to settle at 56.06 for the day. Precious metals also climbed higher as US dollar consolidated. The benchmark Comex gold contract added +0.48% while silver rose +1.43%. For PGMs, the Nymex platinum and palladium contracts was up +1.22% and +2.89% respectively.
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Oil Firmed as Committee Meeting to Monitor Output Cut Scheduled in January Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Dec 23 16 00:42 ET
Crude oil prices climbed higher after Kuwait's oil minister indicated that an OPEC committee responsible for monitoring compliance to output cut would meet in the first half of January. The front-month WTI crude oil contract strengthened for a 5th consecutive day, adding +0.88%, to close at 52.95, while the Brent crude contract rose +1.08% to settle at 55.05. Precious metals remained under pressure as US dollar firmed.
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Crude Oil Mixed as Libya Prone to Raise Output Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Dec 21 16 23:47 ET
Crude oil prices were mixed on thin trading. While the front-month WTI crude oil contract gained +0.5% the Brent crude contract fell -1.61%. Before the OPEC/non-OPEC output cut deal come into effect, the market continues to struggle with oversupply.
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Equities Lifted by Trump's Loose Fiscal Plans Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Dec 21 16 01:24 ET
Despite thin trading volume, market sentiment was buoyed by US President-elect Donald Trump's fiscal policy. He announced Tuesday the plan to create an infrastructure "task force" for implementing a top level spending program. Meanwhile, the proposed "border adjustment tax" is expected to boost inflation.
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Yellen Affirmed Buoyant Employment Market Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Dec 20 16 00:51 ET
Financial markets traded in thin volumes ahead of Christmas holidays. Wall Street climbed higher with both DJIA and S&P 500 indices adding +0.2%. The broad European Stoxx 600 index slipped -0.12%. US dollar remained firm with the USD index (DXY) staying around the highest level in 13 years. Treasury gained with yields lowered as safe haven demand increased.
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