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Oil N' Gold Focus Reports
Oil Prices to Remain Volatile as Irma Approaches Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Sep 06 17 00:42 ET
The front-month WTI crude oil contract gained +2.9% while the Brent contract was up +1.99%. The Nymex RBOB gasoline contrac, however, fell -2.79%, after slumping -18.32% last Friday. Oil traders are cautiously monitoring the development of Category 5 hurricane Irma which is on course to make landfall in Florida at the weekend.
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US Urges for Stronger Sanctions against North Korea, Effectiveness in Doubt Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Sep 05 17 00:40 ET
The focus remains in the heightened North Korean tensions. Demand for safe-haven assets increased with Swiss franc and Japanese yen the best performers (amongst the majors) against US dollar. USDCHF fell -0.68% while USDJPY was down -0.55%. US stock and bond markets were closed for public holiday. The impacts should be reflected as markets reopen today.
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Another Nuclear Test in North Korea Rattles Financial Markets Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Sep 03 17 23:23 ET
Financial markets begin the week in a risk-off mode, as investors assess the impacts of North Korea's 6th nuclear test over the weekend – launching an advanced hydrogen bomb for a long-range missile. The South Korean government earlier today expressed concerns over the geopolitical tensions' impact on the real economy, pledging to implement contingency policies to stabilize the economy if needed.
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Weekly Fundamentals - Harvey's Impacts on US Economy Doomed to be Short-Lived Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Sep 02 17 06:55 ET
The US oil market has a volatile week, as traders gauged the impacts of Hurricane Harvey, one of worst storms in decades that hit the US major oil producing region- the Gulf Coast. The front-month RBOB gasoline contract slumped -18.32% on Friday. However, this was only a retreat after a sharp rally. The contract has jumped more than +10% since August 24, when Harvey began intensifying rapidly and becoming a hurricane.
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USDCAD Plunged on Strong Canadian GDP Growth. US Payrolls Awaited Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Sep 01 17 00:24 ET
Both the FX and oil markets experienced large volatility. For the former, euro reversed early losses against US dollar, after subdued US inflation and Treasury Secretary Steven Mnuchin's comments on weak currency. As Mnuchin suggested, "the short-term issues of the dollar have both positive and negative impacts for different parts of the economy" and "obviously, as it relates to trade, having a weaker dollar is somewhat better for us".
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Strong US Data Lifted Sentiment Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Aug 31 17 00:03 ET
Market sentiment rebounded as, together with waned North Korean tensions, US GDP growth surprised to the upside, lifting US dollar and equities. President Trump's speech on tax reform might have added to the bullishness. After sinking to 91.62 on Tuesday, the DXY index recovered to a three-day high and rose above 93 at one point in Asia session today.
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Geopolitical Tensions Offset by Strong Data Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Aug 29 17 23:41 ET
North Korea's missile launch on Tuesday has lifted safe-haven demand, allowing gold price to sustainably stay above the psychological level of US$1300/oz. The benchmark Comex contract for the yellow metal rose to nearly a one-year high of 1323.8 before settling at 1313.1, up +0.26%. The corresponding silver contract initially climbed higher to 17.43 before retreating to 17.42, down -0.052%, at close. This was a mild pullback after a +2.31% rise on the prior day. The oil market continued to react in the aftermath of Hurricane Harvey.
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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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