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Oil N' Gold Focus Reports
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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Investors Hold Breath ahead of Important Events Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Jun 07 17 01:00 ET
Financial markets were slightly risk-off ahead of important events on Thursday: UK election, ECB meeting, and former FBI Director James Comey's testimony. Meanwhile, geopolitical tensions in the Middle East also hurt risk appetite. Treasuries and gold were favored over equities. US 2-year yields slipped -2 points to 1.29% while 10-year yields dropped -4 points to 2.14%. News that China was ready to buy more US treasuries also sent prices higher (yields lower).
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Energy Prices Weakened Further as Gulf Countries Cut Ties with Qatar Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Jun 06 17 05:09 ET
Contrary to traditional wisdom, energy prices weakened in light of heightened geopolitical tensions in the Middle. Extending the selloff for a third consecutive day, the front-month WTI crude oil contract has dropped -0.44% ahead of US opening. Meanwhile, the Brent contract has slipped -0.2%.
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Busy Week Ahead, UK election, ECB, Chinese CPI... Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Jun 05 17 00:45 ET
Crude oil prices on Monday recovered after the selloff last week. We expect prices to remain volatile for the week ahead as we are awaiting UK's general election, ECB meeting, as well as former FBI Director James Comey's testimony on Capitol Hill. The market appears to have shrugged off the potential positive impacts of OPEC/non-OPEC extension of output cut...
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Weekly Fundamentals - Oil Prices Slumped as World Production Remains Ample Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Jun 03 17 13:16 ET
Crude oil plunged last week, extending the second week of week following the OPEC/ non-OPEC meeting. The market was concerned that the effect of the extension of output cut deal would be offset by US' increase in investment and the ramp-up of production by OPEC members that are exempted from the cut. The front-month WTI crude oil contract fell -4.3% while the Brent contract was down -4.22% for the week.
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Traders Dumped Oil as Russia Signaled It's Ready to Live With Prices at US$40/bbl Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Jun 02 17 03:58 ET
Both crude oil benchmarks were pressured below US$50/bbl ahead of the US session on Friday. Energy prices climbed higher on early trading Thursday as US crude oil inventory recorded another week of decline. Gains were, however, paired later in the day as US production remained elevated and Russian oil minister indicated that the country can accept oil price as US$40/bbl. The front-month WTI crude oil contract initially rose to 49.17 before ending the day at 48.36, up +0.08%.
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Oil Plunged on Production Growth in Nigeria and Libya Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Jun 01 17 00:25 ET
Crude oil price slumped on concerns over supply glut. A Reuters survey indicated that OPEC production rose in May, as Nigeria and Libya raised output. These two countries are exempted from the output cut deal. It was estimated that Libya production rose to a fresh 3-year high of 0.83M bpd last month. The front-month WTI crude oil contract plunged to a 3-week low of 47.73 before settling at 48.32, down -2.7%, while the Brent contract slumped to 50.31 at close, down -2.95%.
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Treasury Yields, USD Fell on Rate Hike Prospect Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue May 30 17 22:29 ET
Investors remained cautious ahead of the US employment report due Friday. Meanwhile, the mild improvement in price levels has raised doubt over the pace of Fed funds rate hike. US dollar softened against major currencies with the DXY index settling at 97.28 after initially soaring to a 1-week high of 97.78. Treasuries firm, sending yields lower. 2-year yields dropped -2 points to 1.29% while US 10-year yields were down -4 points to 2.21%.
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