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Oil N' Gold Focus Reports
Crude Oil Prices Fell as Supply Idled Due To Refinery Shutdown Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Aug 29 17 00:07 ET
Now that Harvey has reduced to a tropical storm. Yet, its impacts remain adversary. The latest statement from National Hurricane Center warned that "ongoing catastrophic and life-threatening flooding will continue across southeastern Texas. Additional rainfall accumulations of 10 to 20 inches are expected across the upper Texas coast, with isolated storm totals as high as 50 inches".
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Gasoline Price Strengthed Further as Ex-Hurricane Harvey Lingered Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Aug 28 17 00:18 ET
Gasoline prices jumped +6% in Asia Monday as the market assessed the impact of ex-hurricane Harvey (now downgraded to tropical storm)on gasoline supply. On Sunday, the US Department of the Interior's Bureau of Safety and Environmental Enforcement (BSEE) said in an update that approximately 21.64% of the current oil production of 1.75M bpd in the Gulf of Mexico has been shut-in, which equates to 0.378M bpd.
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Weekly Fundamentals - Disastrous Hurricane Harvey Hurt Oil Facilities, Lifting Gasoline Prices Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Aug 26 17 00:50 ET
Gasoline prices soared to the highest level in 4 months as Hurricane Harvey threatened Texas, the largest oil producer in the US. Crude oil price recovered on Friday as extreme flooding might not only affect refinery capacities but also shale fields. On weekly basis, the front-month WTI crude contract fell -1.32% and the Brent contract was down -0.59%.
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Hurricane Harvey Roiled Oil Markets; Fitch’s Warning Shouldn't be Taken Lightly Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Aug 24 17 23:39 ET
The energy market had great fluctuation, in the otherwise quiet environment in the lead up to Yellen and Draghi's speech in Jackson Hole. Hurricane Harvey is threatening the Gulf Coast of Texas, disrupting oil production and business activities in the region. Crude oil prices plunged while gasoline prices jumped amidst the shutdown of refineries.
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Trump's Budget Brinkmanship Soured Sentiment Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Aug 24 17 00:12 ET
The same old tactic! Donald Trump again plays his budget brinkmanship, threatening a government shutdown if the Congress refuses to approve funding to build the border wall with Mexico. Market sentiment soured, just a day after it was lifted by comments from US Treasury Secretary Steven Mnuchin and Senate Majority Leader Mitch McConnell regarding the increase of the debt ceiling.
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Sentiment Lifted by Revived Hopes of Tax Reforms Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Aug 22 17 23:08 ET
The US appears to be breaking the tax reform deadlock. House Speaker Paul Ryan reiterated that tax reform is different from healthcare reform. The former is "far easier" to pass as Republicans, which is control of both the House and the Senate, have built a consensus. He added that, for the sake of procedural simplification, the entire tax reform bill could be rolled into one bill.
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Base Metals Extended Rally Whilst Oil Prices Declined Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Aug 21 17 23:16 ET
Prices of both crude oil benchmarks and refined oil products declined, paring the gains made late last week. The losses were, however, contained by the news that Libya's Sharara field was shut down due to a pipeline blockage. The front-month WTI crude oil contract fell -2.35% while the Brent contract was down -2.01%. For refined oil products, the Nymex heating oil contract plunged -3.04%, while the RBOB gasoline contract was down -2.46%.
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Jackson Hole Symposium in Focus; Brexit Again in Driver's Seat Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Aug 20 17 23:54 ET
The focus of the week is on the Kansas City Fed's Jackson Hole symposium beginning on Thursday evening. Key financial officials of major economies would be speaking with ECB President Mario Draghi due to speak on Thursday and Fed Chair Janet Yellen on Friday.
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Weekly Fundamentals - Zinc Rallied on tighter Supply Outlook; Iron Ore Prices to Retreat Further in Coming Months Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Aug 19 17 05:49 ET
Industrial metals rose across the board with zinc the best performer. Tighter supply outlook is boosting the price with LME's 3-month forward soaring to a decade high and settled +7.85% higher for the week. Against the tide was iron ore price which retreated after gaining almost +20% over the past 5 weeks. While still no reflected in the market...
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Investors Turned to Safe Havens Again after Barcelona Terror Attack and Trump’s Abandonment of Infrastructural Council Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Aug 17 17 23:55 ET
Renewed concerns over terrorist attack weighed on sentiment, adding to diminishing hopes that any measure would be implemented to boost US economic growth in the near term. At least 13 dead and 100 injured in Barcelona van attack claimed by ISIS, intensifying its calls for massacres in Europe using vehicles. Stock markets fell. Wall Street plunged with DJIA losing -1.1% and S&P 500 down -1.5%.
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US Dollar Fell as Inflation Likely Stays Low for Longer. Unpopular Trump Might Further Delay Fiscal Stimulus Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Aug 17 17 00:03 ET
US dollar and Treasuries were pressured, driven by the July FOMC minutes and political drama in the White House. After initially jumping to a two-day high after the release of the minutes, the DXY index reversed the gains and the day -0.33% lower. Treasury prices strengthened, sending 2-year yields -3 points lower to 1.33% and 10-year yields -5 points to 2.23%. In the commodity sector, crude oil prices continued to fall, despite huge decline in inventory and weakness in US dollar. The increase in US production was weighing on prices.
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