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Oil N' Gold Focus Reports
Oil Prices Weighed Down by Libya's Output Resumption Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue May 02 17 00:10 ET
Energy prices remained under pressure in Asia Tuesday. Higher-than-expected production in Libya and soft manufacturing activities indicators in the US and China dented hopes of demand improvement. Trump's suggestion or raising gas tax to fund infrastructural spending has also vexed the market. The front-month WTI crude oil contract initially dropped to a 5-week low of 48.59 before ending the day at 48.84, down -0.99%.
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Busy Week in the US - FOMC and Nonfarm Payrolls in Focus Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Apr 30 17 21:34 ET
It would be a busy week in the US with the two most important events being Wednesday's FOMC meeting and Friday's employment report for April. For the former, we expect no change in monetary policy would be announced. We retain the view that two more rate hikes this year would come in June and September, although a delay due to recent weak macroeconomic data cannot be ruled out.
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Weekly Fundamentals - US Net Oil Exports Increase, Sending Inventory Lower Despite Abundant Output Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Apr 29 17 10:47 ET
In EIA's monthly energy report released Friday, it was revealed that US crude oil output gained +0.19M bpd (+2.18% m/m) in February. The rise in monthly production to above 9M bpd, first time in 11 months, was driven by the jump in Lower-48 onshore output which rose +0.22M bpd for the month. Texas, North Dakota, Oklahoma and New Mexico were amongst the states with biggest increases.
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Trump Calls for Vigorous Changes in US Tax System. Congress Approval in Doubt Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Apr 27 17 03:14 ET
The market is unimpressed by Trump's one-page summary of his tax reform plan. The lack of details has disappointed investors, sending Wall Street lower for the day. DJIA and S&P 500 indices ended the day slipping -0.1% and -0.05% respectively. US dollar initially to the highest level in 3 days but gains were pared later in the day. US Treasuries firmed, sending yields lower...
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Trump to Announce Tax Cut Plan Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Apr 26 17 00:34 ET
Bullish sentiment continued with the focus turned from Sunday's French election to Trump's upcoming announcement on the tax reform plan. Together with encouraging corporate earnings results, stock markets posted solid gains. Wall Street firmed with DJIA and S&P 500 indices rising +1.12% and -0.61% respectively. Shares in Asia Wednesday also strengthened with Japan's Nikkei 225 index adding around +0.8% at the time of writing this report.
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Crude Oil Prices Dropped Despite Improved Risk Appetite. Concerns over Surplus Lingered Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Apr 24 17 23:38 ET
Market sentiment remained buoyant as French election outcome removed some of the political uncertainties in the near term. Wall Street strengthened, carrying forward the risk appetite after the election. Revelation of Trump's tax plan has also helped lift sentiment. Benchmark stock indices DJIA and S&P 500 indices gained +1.05% and +1.08% respectively. Treasury prices weakened. In the FX market, the euro retreated after the post-election spike with EURUSD ending the day +1.31% higher.
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Market Relieved on Hopes that Macron Wins Over Le Pen in Runoff Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Apr 24 17 01:27 ET
Energy prices climbed on Monday, in line with the broad –based increase in risk appetite after the French election. Currently trading at 49.9, the front-month WTI crude oil contract recovered after losing over the past 5 days, while the Brent contract also climbed higher. Both contracts have gained around +0.5% at the time of writing this report. Gold slipped as demand for safe-haven dropped.
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US Inventory Report Reminds the Problem of Oil Surplus Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Apr 20 17 00:35 ET
With little new developments in the geopolitics front, the market's focus returned to oil market. The selloff of energy prices, driven by the less-than-expected drop in crude oil inventory and the surprising increase in gasoline stockpile, dragged equities and commodity currencies lower. The front-month WTI crude oil contract plunged to a 2-week low of 50.09 before settling at 50.44, down -3.76%, while the Brent contract fell to as low as 52.58 before ending the day at 3.57%.
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UK's May Calls for Early Election, Adding Risks to the Unpredictable Environment Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Apr 18 17 22:33 ET
The news that moved the market most was undoubtedly UK PM Theresa May's call for a snap election in June. Her announcement sent the pound broadly higher with GBPUSD soaring to the highest level in more than 6 months and registering a daily gain of +2.2%. EURGBP slumped to a level not seen since last December before recovery. The pair recorded a one-day loss of -1.36%.
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North Korean Problem and French Election Continue to Unnerve Financial Markets Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Apr 18 17 00:05 ET
A lot of things have happened since our last report before Easter. What moved the market most was US inflation data due last Friday, as core CPI fell for the first time in 7 years. China's GDP grew more than expected in 1Q17 while other activity data also strengthened in March. On geopolitical tensions, North Korea's launched another missile test over the weekend.
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Greenback Plunged as Trump Said It's Too Strong, Reiterating Support for Low Interest Rates Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Apr 12 17 23:31 ET
Comments from Donald Trump on currencies and the momentary policy have driven attention away from geopolitical tensions. At a media interview, the US President complained the greenback was too strong and reiterated his support for low interest rates. USD dollar slumped in response. The DXY index plunged to a 2-week low of 100.09 before reversing losses and closing largely flat at 100.78.
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