The XAU/USD recovered as the New York session winds down, up by 0.86% and recording a break above USD1,792 that could push gold towards USD 1,800 and even beyond. Gold climbs as the New York session winds down. The precious metal is trading at USD 1,784.The market sentiment was relaxed …
Read More »US Oil-Rig Count Flat in Latest Week
The number of rigs drilling for oil in the US. was unchanged in the latest week at 467, according to oil-field services company Baker Hughes Co. The rig count was 221 rigs higher than last year when there were 246 active rigs, Baker Hughes said Friday.The nation’s gas-rig count stood …
Read More »Crude Oil Surges, OPEC+ To Act If Demand Weakens
Crude oil prices edged higher on Friday following statements by OPEC+ that the group could review its policy to hike output if a rising number of pandemic lockdowns obstructs off demand.Brent futures rose 90 cents, 1.3%, to $70.57 a barrel, while US WTI rose 55 cents, 0.8%, to $67.05. Losses …
Read More »Gold is Rising But Waiting For The Data
Gold rose on Friday morning in Asia. However, the yellow metal braced for its third consecutive weekly decline, weighed by signs that the US Federal Reserve will accelerate the pace of reduction in asset purchases and raise interest rates earlier than expected to curb inflationary pressures. Gold futures rose 0.66% …
Read More »Market Drivers – US Session – 2 Dec. 2021
The outlook for the US economy is still clouded by the emergence of Omicron strain, this may see the US’s renewed lockdown which would benefit the Swiss franc and other safe havens. Optimism is struggling to find its way through uncertainty ahead to global financial markets until Thursday’s session closing. …
Read More »US Shares Rise After Omicron-Driven Selloff
Stocks jumped Thursday, continuing a unrestrained week for markets driven by uncertainty about the potential impact of the Omicron strain on public health and the economic recovery.Shares rose, with the S&P 500 and Dow Jones more than recouping Wednesday’s losses as of late afternoon. All 11 sectors of the S&P …
Read More »WTI Choppily Traded Ahead OPEC+ Decision
Thursday has been a uneven day for crude oil prices, as traders eye OPEC+ decision to hike concerning January production.The big news of the day was OPEC+’s decision to surprise markets by not choosing to halt output hikes in January but to press ahead with another incremental 400000 barrel per …
Read More »Natural Gas Futures Lower Ahead of EIA Data
Continued weather-driven poor demand expectations keep pressuring natural gas futures in early trading Thursday as the market awaited the latest round of weekly government inventory data. The January Nymex contract was off 9.8 cents to $4.160/MMBtu.Estimates ahead of the latest Energy Information Administration (EIA) storage report, scheduled for today, point …
Read More »Reuters: OPEC+ May Discuss a 200K BPD Output Hike in January Versus Current 400K BPD Agreed
According to sources cited by Reuters, OPEC+ may as an option discuss hiking output by just 200K barrels per day (BPD) in January versus the current agreement which stipulates 400K BPD monthly output hikes into mid-2022. Moreover, a senior OPEC+ source reportedly said that sentiment at the moment is to …
Read More »Gold Loses its Luster After Fed’s Statements
Gold prices fell on Thursday as investors expected the Federal Reserve (the US central bank) to scale back its bond-buying program faster to counter soaring inflation despite economic concerns over the spread of the new mutated Omicron. Gold fell in immediate transactions 0.3 percent to 1777.87 dollars an ounce (an …
Read More »