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Oil N' Gold Focus Reports
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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Trump's Budget Brinkmanship Soured Sentiment Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Aug 24 17 00:12 ET
The same old tactic! Donald Trump again plays his budget brinkmanship, threatening a government shutdown if the Congress refuses to approve funding to build the border wall with Mexico. Market sentiment soured, just a day after it was lifted by comments from US Treasury Secretary Steven Mnuchin and Senate Majority Leader Mitch McConnell regarding the increase of the debt ceiling.
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Sentiment Lifted by Revived Hopes of Tax Reforms Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Aug 22 17 23:08 ET
The US appears to be breaking the tax reform deadlock. House Speaker Paul Ryan reiterated that tax reform is different from healthcare reform. The former is "far easier" to pass as Republicans, which is control of both the House and the Senate, have built a consensus. He added that, for the sake of procedural simplification, the entire tax reform bill could be rolled into one bill.
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Base Metals Extended Rally Whilst Oil Prices Declined Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Aug 21 17 23:16 ET
Prices of both crude oil benchmarks and refined oil products declined, paring the gains made late last week. The losses were, however, contained by the news that Libya's Sharara field was shut down due to a pipeline blockage. The front-month WTI crude oil contract fell -2.35% while the Brent contract was down -2.01%. For refined oil products, the Nymex heating oil contract plunged -3.04%, while the RBOB gasoline contract was down -2.46%.
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Jackson Hole Symposium in Focus; Brexit Again in Driver's Seat Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Aug 20 17 23:54 ET
The focus of the week is on the Kansas City Fed's Jackson Hole symposium beginning on Thursday evening. Key financial officials of major economies would be speaking with ECB President Mario Draghi due to speak on Thursday and Fed Chair Janet Yellen on Friday.
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Weekly Fundamentals - Zinc Rallied on tighter Supply Outlook; Iron Ore Prices to Retreat Further in Coming Months Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Aug 19 17 05:49 ET
Industrial metals rose across the board with zinc the best performer. Tighter supply outlook is boosting the price with LME's 3-month forward soaring to a decade high and settled +7.85% higher for the week. Against the tide was iron ore price which retreated after gaining almost +20% over the past 5 weeks. While still no reflected in the market...
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