The prices of crude oil (both WTI and Brent) didn’t do much during last week: WTI increased by 0.45%; Brent oil slipped by 0.27%. As a result, the gap between the Brent oil and WTI shrank again; the premium of Brent over WTI ranged between $7 and $8. According to the latest EIA report, oil stockpiles rose by 3.5Mb. Moreover, refinery inputs and production increased while imports fell during last…
The prices of gold and silver continue to seek direction and they moved from gains to losses throughout last week: Despite the unclear trend the sharp fall in bullion prices on Friday led gold and silver to decline by 1.88% and 1.46%, respectively, on a weekly scale. The main event of last week was the Reserve Bank of Australia to cut it cash rate by 0.25pp to 2.75%. This news…
The future price of natural gas (short term delivery) continued to plunge during most of last week mainly at the beginning and the end of the week. By the end of the week the Henry Hub future (short term delivery) fell by 3.24%. According to the latest EIA natural gas storage report, the natural gas storage rose at a faster pace than the average five years did during the same…
Gold and silver prices continued to seek direction as they fell during yesterday. Moreover, leading currencies such as the Euro, Japanese yen and Aussie dollar fell against the USD yesterday. In the U.S, jobless claims slipped by 4k to reach 323k as of May 4th. Will gold and silver continue to trade down? On today’s agenda: Bernanke’s Speech, Reserve Bank of Australia Monetary Policy Statement, G7 Summit, and Canada’s Employment…
Major commodities were traded mostly down on the fourth business day of the week: Brent oil price slightly rose while the price of WTI oil fell on Thursday; natural gas Henry Hub future (short term delivery) remained virtually unchanged yesterday; silver and gold prices fell on Thursday; the Euro also declined against the USD on Thursday. Moreover, several currencies such as the Aussie dollar depreciated against the U.S dollar. Here…
The precious metals market continues to seek direction: yesterday both gold and silver changed course again and this time rallied. In the past several business days precious metals prices moved in an unclear trend even though in the past several weeks both metals slightly recovered from their sharp fall at the first two weeks of April. Will gold and silver changed direction and fall? On today’s agenda: Australia Employment Report,…
Gold and silver changed direction and declined on the second day of the week. Moreover, other commodities such as crude oil and natural gas also fell yesterday. The main event from yesterday was the decision of the Reserve Bank of Australia to cut its interest rate by 0.25pp from 3% to 2.75% – its lowest level in years. This decision dragged down the Aussie dollar by nearly 0.67% and may…
The price of natural gas tumbled down in the past couple of weeks. Will natural gas continue to trade down? How will the recent fall of the price of natural gas affect leading natural gas producers such as Chevron (NYSE: CVX). Let’s examine the recent developments in the natural gas market and see what’s up ahead for natural gas. During May (up to date), the price of natural gas plunged…
In the past couple of weeks the price of oil has slowly recovered from its downward trend it had during April. Will the price break the $100 in the near future? How the recent developments in the oil market affect leading oil producers? Let’s examine the recent changes in the oil market and try to determine what’s up ahead for oil. During May (up to date), the price of oil…
Major commodities prices mostly trade down on the second business day of the week: the prices of Brent and WTI oil changed direction and fell on Tuesday; natural gas Henry Hub future (short term delivery) sharply decreased yesterday; silver and gold prices also fell on Tuesday; the Euro slightly rose against the USD on Tuesday. On the other hand, several currencies such as the Aussie dollar depreciated against the U.S…
Gold and silver didn’t do much yesterday as the price of gold slightly rose while silver moderately declined. Moreover, in the forex and equity markets the volatility was also low. In the recent precious metals weekly outlook I have pointed out that one of the main events of the week will be Bernanke’s speech that will take place by the end of the week. Until then, the volatility of precious…
Major commodities prices moved in a mixed trend on the first business day of the week: the prices of Brent and WTI oil rallied again on Monday; natural gas Henry Hub future (short term delivery) slightly decreased yesterday; silver price slipped while gold prices rose on Monday; the Euro slightly fell against the USD on Monday. Moreover, several other currencies such as the Aussie dollar also depreciated against the U.S…
