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Oil N' Gold Focus Reports
Euro Rose Across the Board as Draghi Signaled to Discuss QE Adjustment in Autumn Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Jul 21 17 02:09 ET
The euro was undoubtedly the best performer after the ECB press conference. ECB left policy rates and the QE program unchanged in July, and maintained the forward guidance of potential extension/expansion of asset purchases, if needed, in the accompanying statement.
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US Oil Inventory Fell Last Week. ECB, BOJ Under Spotlight Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Jul 19 17 23:01 ET
Crude oil climbed higher as EIA reported a bigger-than-expected decline in US inventory. The front-month WTI crude oil contract added +1.55% while the Brent contract was up +1.76% for the day. The DOE/EIA reported that total crude oil and petroleum products stocks declined -10.18 mmb to 1325 mmb in the week ended July 14.
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Ecuador Said it would Raise Output above Quota Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Jul 18 17 22:42 ET
Crude oil price climbed higher on signs of improved demand in China. Yet, gains were limited by Ecuador's announcement that it would no longer comply its output quota due to budget difficulties. The front-month WTI contract initially ose to a 3-week high of46.92 before settling at 46.4, up +0.83%.
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EIA Forecast US Shale Output to Rise Further; Aussie Rallied on Rate Hike Hopes Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Jul 18 17 01:25 ET
Crude oil benchmarks continue hovering between US$45-50/bbl, as traders were torn between further increase in US shale oil output and hopes of deeper production cut as OPEC/non-OPEC countries meet on June 24. In the latest drilling report, the EIA forecast that US shale oil production would rise for the eighth consecutive month, up +0.11M bpd to 5.59M bpd in August.
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China's GDP Growth Stayed at +6.9% in 2Q17, On Track to Reach 2017 Target Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Jul 17 17 00:22 ET
China's macroeconomic data for 2Q17 surprised to the upside. Released earlier in Asia session, China's GDP expanded +6.9% y/y in 2Q17, same pace as the prior quarter but above consensus of +6.8%. Economic activities in June continued to improve. Industrial production growth accelerated to +7.6% y/y in June, beating consensus of and May's +6.5%.
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Weekly Fundamentals - Oil Prices Recovered, Gains Likely Limited due to Lacklustre Demand Growth and Supply Reduction Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Jul 15 17 20:43 ET
Crude oil prices recovered last week, as both the EIA and API reported huge decline in US inventory for the prior week, and the EIA revised lower its oil output forecast for 2018. However, the demand/supply balance outlook remains negative for prices as the EIA also downgraded its demand forecast.
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Yellen Hedges by Suggesting that Inflation Risks are "Two-Sided" Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Jul 14 17 00:29 ET
Crude oil prices continued to recover with both benchmark contracts rising for four days in a row. Apart from profit-taking following the recent selloff, traders took China's import data as positive news. China has become the world's biggest oil importer, buying 8.55M bpd of oil in 1H17, up +13.8% from 2016. Meanwhile, the EIA has downgraded its forecast for US oil production in 2018, suggested in its monthly report.
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US Oil Inventory Fell Markedly; USD Plunged as Yellen Hinted Not Many Rate Hikes Needed Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Jul 13 17 01:28 ET
Crude oil prices recovered for three days in a row as US inventories fell significantly last week. The front-month WTI crude oil contract gained +1% to settle at 45.49 while the Brent contract added +0.46% to close at 47.74 for the day. Stock markets rallied in both the US and Europe.
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US Entangled by Domestic Politics; BOC Meeting in Focus Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Jul 12 17 00:37 ET
US economic policies have been overshadowed by domestic politics since Donald Trump's inauguration as the president. The latest development is that his eldest son, Donald Trump Junior, released an email chain referring to a meeting held with a Russian government lawyer.
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Crude Oil Resumes Decline, Shrugging Off Speculations that Nigeria and Libya Might Join Output Cut Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Jul 11 17 05:55 ET
After a brief recovery, crude oil resumed the decline on oversupply concerns. Kuwait and Russia have been indicating that Libya and Nigeria might join the output cut deal, and this is likely a key topic I the upcoming OPEC/non-OPEC meeting on July 24, the market is apparently not thrilled by the news.
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Strength in USD unsustainable; Crude Oil Prices Recover after Selloff Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Jul 09 17 23:55 ET
Although US dollar bounded back following the strong payrolls report last Friday, we refrained from being overoptimistic over its outlook in the medium-term. June marked the hawkish turns of several major central banks (including ECB, BOC and BOE), sending their respective currencies higher against US dollar. Note, however, that sterling was an exception as the market remained concerned over the uncertainty of Brexit negotiation, together with recent disappointing dataflow.
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