Crude oil price remains strong in European morning. The International Energy Agency (IEA) raised its forecast on oil demand, as indicated in the September report. The October contract hovers around 72 as…
Tag: oil and gold report
OPEC Continues to ‘Wait & See’, Satisfied with Current Price Level
Crude oil price rose to as high as 72.52 Wednesday as driven by advance in stock markets amid the Fed Beige Book showed improved economic conditions. The benchmark contract ended the day…
Narrow Trading Across The Board. CFTC Commitments Of Traders Saw Significant Decline In Crude Net Longs
Commodity prices trade narrowly Monday due to Labor Day holiday in the US. Crude oil price edges slightly higher to 68.12 from Friday’s close of 68.02. This week’s focus is on OPEC’s…
Thin Trading Seen In Commodities While Stocks Surge As G-20 Collaborate To Strengthen The Economy
Crude oil price continues hovering around 68 level in European morning. We believe thin trading remains throughout the as US and Canada are on public holidays. Stock markets in Asia and Europe…
Base Metals Strengthen Further While Gold Retreats
Base metal complex extends further strength after the strong rally yesterday. LME lead for 3-month delivery, the best performer, jumps another +4.7% to 16-month high at 2387 after rising +7.8% Thursday. In…
Reasons For Gold’s Rally: Return Of Safe-Haven Appeal And Seasonality
Gold price rallied +2.3% to 978.5 Wednesday despite weakness in equity and oil prices. Investors’ concern over the US banking sector boosted demand for safe haven. As we noted yesterday, gold’s firmness…
Commodities Strengthen As China Stocks Rebound
Crude oil price rebounds above 69 as rally in China stock market boosted confidence on better oil demand. Reports show that crude oil production in Russia rose +1.3% yoy to 9925M bpd…
Strong ISM Data Failed To Support Oil, WTI Closed Below 70
Crude oil price sank -2.7% to close at 68.05 Tuesday, the lowest settlement since August 17 as driven by decline in equity markets and strength in USD against the euro. Others in…
Crude Remains Under Pressure – Surge in Fear Index Suggests Lower Risk Tolerance
Currently trading at 68.5, the October contract continues to trade below 70 in European morning. The market awaits the US Energy Department’s inventory report which will likely show a draw in crude…
Potential Slowdown In China Growth Pressured Commodities
Crude oil price plunged -3.8% to settle at 69.96 Monday amid worries that credit tightening in China would dampen demand outlook. Stock markets also declined with Dow Jones Industrial Average and S&P…