Oil N' Gold - Resources for Serious Traders
Oil N' Gold Focus Reports
Weekly Fundamentals - Promise of Output Cut in Doubt Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Oct 16 16 04:49 ET
Increase in the number US oil rigs dampened sentiment, triggering a retreat in crude oil prices last Friday, and trimming the weekly gains of front-month WTI and Brent crude oil contracts to +1.08% and +0.04% respectively. Reversal in optimism was also brought about by Russian state-owned oil company’s denial of production freeze as well as completion of the short-covering by hedge fund managers.
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Concerns over Chinese Economic Outlook Weighed on Sentiment Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Oct 14 16 01:00 ET
Following a much weaker than expected trade report, China's inflation report surprised to the upside. Headline CPI accelerated to +1.9% y/y in September, from +1.3% a month ago. The market had anticipated a milder improvement to +1.6%. PPI returned to inflation, gaining +0.1% y/y, last month, from -0.8% in August. China's trade surplus narrowed to US$42B in September, down from US$52.1B in the prior month.
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Retreat of Crude Oil Prices Continued as Russia Refused to Cap Output Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Oct 13 16 01:53 ET
Energy prices declined as investors increasingly worried about output cut/freeze promised by OPEC and Russia might not materialize. It was discovered that production data published by OPEC and individual member countries diverged, raising concerns over the integrity of the organization. Meanwhile, Igor Sechin, head of Russia's state-controlled energy company Rosneft suggested that he would not cap production...
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Crude Oil Prices Retreated as Doubts over Output Cut Remain Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Oct 12 16 00:48 ET
Crude oil prices retreated on profit-taking and as the market cast doubt over whether Russia and OPEC’s production cut plan would materialize. The commodity sector is also weighed down by a strong US dollar which was lifted by heightened speculations of Fed funds rate hike in December. The front-month WTI crude contract slipped -1.09% but still managed to close above US$50/bbl.
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Brent Crude Jumped to Highest in One Year as Russia Signaled to Join Output Cut Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Oct 11 16 00:53 ET
Both crude oil benchmarks stay above US$50/bbl on Tuesday, following the rally overnight as Russia announced it is ready to join output freeze or cut. The front-month WTI contract soared to a 4-month high of US$51.6/bbl before ending the day at US$51.35/bbl, up +3.09%. The Brent crude contract jumped to a 1-year high of US$53.73/bbl before settling at US$53.14/bbl, up +2.33%.
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Awaitng Yellen to Give More Rate Hike Hints Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Oct 09 16 23:13 ET
We have a short week with US closed on Columbus Day holiday on Monday. The FOMC minutes for the September meeting due Wednesday would reveal how the policymakers were divided on the monetary policy stance. Last week Vice Chair Stanley Fischer indicated that the decision to not hike rate last month was a "close call”. As he noted, "the current stance of monetary policy should be viewed as modestly accommodative”.
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Weekly Fundamentals - Gold's Uptrend Ending on Brutal Selloff Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Oct 08 16 09:16 ET
Gold's 2016 uptrend might have finished! Price of the yellow metal has been under pressure over the past month and a massive selloff was seen last Tuesday, following hawkish comments from Richmond Fed President Jeffrey Lacker and the breach of the psychological support of US$1300/oz. Headline payrolls figure appeared disappointing in September.
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Energy Holds onto Gains Despite USD Strength Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Oct 07 16 02:20 ET
US dollar and treasury yields strengthened ahead of the nonfarm payrolls report. Bets of Fed funds rate hike in December rose to 63.4%. Wall Street was mixed with DJIA slipping -0.07% whilst S&P 500 adding +0.05%. Energy prices firmed despite USD strength. Traders were thrilled ahead of another informal meeting amongst Saudi, Iran, Iraq and Russia ...
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WTI Crude Oil Approaches US$50 bbl Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Oct 06 16 01:23 ET
Crude oil prices jumped to the highest levels since June on higher than expected US inventory decline. The front-month WTI contract rose +2.34% and settled at 49.83, while the Brent contract added +1.95% and closed at 51.89, the third day of settling above 50. The surprisingly strong ISM non-manufacturing report supported equities, as well as US dollar and Treasury yields. Wall Street gained with DJIA and S&P 500 rising +0.62% and +0.43% respectively,
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Energy Prices Weighed Down by Strong USD, Shrugging off Inventory Slump Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Oct 05 16 00:47 ET
Equity markets were mixed with European shares gaining and Wall Street weakening on hopes of Fed funds rates hike. DJIA and S&P 500 indices slipped -0.47% and -0.5% respectively. USD strengthened against major currencies with the broad index, DXY, soaring to a 2-month high of 96.44 before settling at 96.17, up +0.5%. British pound remains under pressure, plunging to as low as 1.2715 against USD. Currently trading around 0.8815, EURGBP has been rising for a third consecutive day, reigniting talks of euro/pound parity.
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Pound Plunged as Brexit Process to Begin in Less than Half a Year Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Oct 04 16 01:22 ET
***UPDATE: British pound was under renewed selling pressure with GBPUSD slumping a 3-decade low of 1.2737 and EURGBP extending gains to as high as 0.8766 today, after soaring to a 3-year high of 0.8747 on Monday.
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