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Oil N' Gold Focus Reports
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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Japanese Companies Lack Confidence in Recovery Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Oct 03 16 00:19 ET
More indicators suggest that Japan's economy is not going to get better anytime soon. The latest Tankan survey (conducted between August 30 and September 29) confirms that business sentiment failed to improve, companies lack the ability to increase output prices and the risks to the inflation are skewed to the downside.
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Weekly Fundamentals - OPEC Cut: Lip Service or for Real? Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Oct 02 16 05:42 ET
The biggest news in the oil market last week must be OPEC's announcement to cut production to a range of 32.5- 33M bpd. More details are expected to be disclosed following the OPEC meeting in November. According to Bloomberg, Algeria's plan suggests that the members would trim corresponding output by -1.6% from the January-August average, with some exceptions though.
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Oil Supported by OPEC Announcement, Equities Weighed Down by Banks Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Sep 29 16 23:42 ET
Energy prices extended gains as the market was still thrilled by OPEC's announcement to cut/ freeze production. This was despite the whole lot of uncertainties regarding the implementation mechanism and the ramp up of output by Iran, Libya and Nigeria.
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OPEC Cuts... Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Sep 29 16 01:20 ET
OPEC surprised the market by announcing to cut production from November. This sent energy prices much higher. The front-month WTI crude oil price initially rose to a 3-week high of 47.45 before ending the day at 47.05, up +5.33%. Similarly, the Brent contract soared +5.92% to 48.69 at close. Refined products also soared with the RBOB gasoline contract jumped +6.03% while the heating oil contract gained +5.75%.
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Crude Oil Prices Plunged as Saudi Damped Hopes of Output Freeze Deal Again Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Sep 28 16 01:00 ET
Energy prices continued to trade with high volatility as oil producers meet in Algeria. Sentiment was dampened as Saudi Arabia signaled no expectations to reach any agreement at the meetings. Saudi's energy minister Khalid al-Falih also noted that Iran, Libya and Nigeria should be allowed to produce at maximum levels.
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Equities Slumped as Led by too-Big-to-Fail Deutsche Bank Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Sep 27 16 00:20 ET
Energy prices rebounded with both crude oil benchmarks gaining more than +3%. The International Energy Agency forum has begun in Algeria and major oil producers would meet on the sidelines of the forum. We expect the rally to be short-lived as no material deal on output freeze should be reached. Indeed, oil producers have not stopped from increasing output.
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