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Oil N' Gold Focus Reports
Fed Speeches Unveiled How Divided the Members are Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Sep 26 16 00:30 ET
We learnt last week that a more divided Fed committee decided to leave the policy rate unchanged. The focus now turns to the chance of a rate hike in November and December, as the central bank left the door open for one rate hike this year. Two speakers demonstrated how different the hawks and doves are last Friday.
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Weekly Fundamentals - Hopes of Crude Oil Output Freeze Dissipate Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Sep 24 16 11:59 ET
Energy prices slumped last Friday as Saudi Arabia "predicted" that there would not be any decision at the unofficial meeting in Algiers next week. Adding to the bearish sentiment was the Fed's plan to restrict financial institutions' involvement in physical commodities. Both crude oil benchmarks fell more than -3.5% at close Friday, trimming the weekly gains of WTI and Brent contracts to +3.37% and +0.26% respectively. Following 2 consecutive weeks' of rally in gasoline prices, the RBOB contract retreated -5.8% last week.
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Risk Rally Continued in the Aftermath of FOMC Meeting Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Sep 23 16 00:16 ET
Financial markets continued to react positively to Fed's monetary stance in September. Catching up with Wall Street's risk rally just after the FOMC announcement, the pan-European STOXX 600 gained +1.6%. Germany's DAX soared +2.3% while the UK's FTSE added +1.1%. Wall Street climbed further higher with DJIA and S&P 500 indices adding +0.5% and +0.7% respectively. Much of the gain was driven by the energy sector. Energy prices soared as the meeting between Saudi Arabia and Iran ignited hopes of output freeze.
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Sentiment Buoyed as Fed Left Policy Rate Unchanged Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Sep 22 16 01:13 ET
Investors rejoiced as Fed expectedly left the policy rate unchanged. Equities rose across the board. Wall Street gained with DJIA and S&P 500 indices adding +0.9% and +1.09% respectively. European shares also climbed with the Stoxx600 index up +0.43%. Shares in Asia Pacific carried forward the upbeat sentiment Thursday. Japan's Nikkei 225 index has soared +1.91%, while Hong Kong's Hang Seng index has gained +1.14%, at the time writing. US dollar dropped as the Fed failed to raise interest rate.
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BOJ Expected to Cut Rates Deeper to Negative Territory Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Sep 20 16 23:48 ET
***[UPDATE]BOJ introduces a new policy framework, the "QQE with Yield Curve Control", in order to achieve the inflation target of +2%. The framework consists of two major components: "yield curve control" and "inflation-overshooting commitment". For the first component, BOJ would control short-term and long-term interest rates, while, for the second one, BOJ commits to expanding the monetary base until the year-on-year rate of increase in the observed CPI exceeds +2%, and stays above it in a stable manner. BOJ refrained from cutting the policy rate further from the current -0.1% and left the annual pace of increase in the amount outstanding of its JGB holdings at about 80 trillion yen. The policy change indicates that BOJ has shifted from “monetary base" targeting to “nominal yield curve" targeting.
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Holding Breath for Fed Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Sep 20 16 00:10 ET
Wall Street trading was range-bound as investors await the FOMC meeting which starts today. Carrying forward the upbeat sentiment in Asia and Europe, S&P500 had risen as much as +0.7% early in the session. The gains were then pared later in the day, leaving the index flat at close. DJIA ended the day -0.02% lower. The Treasury market was also rather quiet with yields edging 1-bp higher. US dollar erased some of the gains made last Friday. On energy prices, crude oil prices recovered with the front-month WTI crude contract adding +0.63% and the Brent crude contract up +0.39%.
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FOMC and BOJ under the Spotlight Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Sep 19 16 01:43 ET
Investors are cautiously awaiting the FOMC and BOJ meetings later this week. Stock markets are mixed in Asia Pacific Monday. With Japanese market closed on holiday, shares in Australia slipped while those in Hong Kong and China climbed modestly higher. Crude oil prices recovered more than +1% at the time of writing while the rise in RBOB gasoline futures decelerated after rallying for +7% last week.
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Weekly Fundamentals - Gasoline Prices Hiked on Extended Pipeline Disruption Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sun Sep 18 16 07:03 ET
Gasoline outperformed others in the energy complex last week, as Colonial pipeline spill has caused gas supply disruption. The front-month contract for RBOB gasoline jumped more than +7% on weekly basis to a 3-week high last Friday. Others in the complex were pressured amidst concerns over surplus as OPEC exports continued to increase.
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Disruption in Oil Facilities Lifted Energy Prices Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Sep 16 16 01:28 ET
Energy prices recovered after declining over the past 2 days, partly as the broad-based market sentiment flourished and partly driven by abrupt shutdown of some refinery facilities. Gains were led by gasoline prices with the RBOB gasoline contract soaring +5.05% after the 2-day drop. Heating oil also rose +4.5%, more than recovering the -4% decline over the past 2 days.
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Energy Weakness Continued as Refinery Product Inventory Soared Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Sep 15 16 00:57 ET
Energy prices extended the selloff as the latest inventory report was disappointing. Although crude oil inventory dropped last week, both gasoline and distillate stockpiles built up more than expected. The front-month WTI crude contract fell for a second straight day, losing -2.94% to settle at 43.58, while the Brent crude contract was down -2.65%, closing at 45.85, for the day.
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Oversupply led to Selloff in Oil Prices Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Sep 14 16 01:06 ET
Selloff in energy prices led the decline in global financial markets. Forecasts by IEA and OPEC that world oil supply remain abundant weighed on energy prices. the front-month WTI crude contract slumped -3% while the Brent crude contract was down -2.53%. Refined products also dropped with heating oil and RBOB gasoline contracts losing -1.29% and -0.96% respectively.
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