Author: bG2cL9eQ9j

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Coronavirus cases in China overtake SARS — and the economic impact could be ‘more severe’

The selloff in crude oil prices was tamed as Libya’s OPEC Governor Samir Kamal noted that the cartel on November 27 might agree to stop producing over its target, signaling output might drop by -0.6M bpd. Sentiment was less bearish as the DOE/EIA report showed that distillate inventory fell more than expected.

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Libyan Minister’s Comments Contained Crude’s Selloff

Gold was under pressure with the benchmark Comex contract dropping to a 2-week low 1281.8 at one point. As we mentioned in previous articles, safe-haven demand for the yellow metal should prove short-lived. Gold’s sideway trading over the past month has been driven by the opposing forces of USD strength and a rise in US bond market.

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BOJ Minutes Showed Members’ Split on Inflation Outlook

WTI crude slumped last week, mainly because US stockpile increased by the level not seen since the DOE/EIA began keeping records. The front-month contract plunged to a 2-week low of 100.48 on Friday before ending the week at 100.6, down -3.55%. The DOE/EIA’s weekly report shows that total crude oil and petroleum products stocks gained +12.02 mmb to 1068.94 mmb in the week ended April 18.

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Weekly Fundamentals – Stock-Builds Put Crude and Gas Under Pressure

The 3 major oil agencies released their monthly oil forecasts last week. The Paris-based IEA was quite optimistic over oil prices as winter approaches. It anticipated that a return in refinery operation would raise crude demand. As mentioned in the report, the IEA noted that “market perception of supply risks associated with news events may have contributed to the price changes, but swings in refining demand for crude were likely as powerful a driver”.

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Weekly Fundamentals – New Oil Demand/Supply Outlook Updated

Financial markets firmed as economic data came in line with expectations. A number of Fed presidents spoke but their conflicting opinions failed to give the market any clues on the central bank’s timing of QE tapering. Wall Street gained with the DJIA and the S&P 500 indices rising +0.15% and +0.36% respectively. In the commodity sector, the front-month contract for WTI crude oil made little change with the price closing almost flat at 94.62.

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Financial Markets Steadied Despite Little Clue on Fed’s Tapering Schedule

Commodity prices plunged as the US dollar strengthened. The benchmark Comex gold contract is prone to drop for a third consecutive day after falling to a 3-week low of 1305.6 last Friday. Crude oil prices remained pressured with the front month WTI contract trading around 94.7, a level not seen since June.

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USD Strengthens amid Tapering Speculations, Sending Commodities Lower