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Market Analysis

February, 2021

  • 12 February 2021 12:28 am

    Draghi Edges Closer to Leading New Italian Government

    Former President of the European Central Bank (ECB) Mario Draghi, who was recently named as Prime Minister to form a new technocratic government in Italy has gained the support of a major party, moving a step closer to forming his cabinet. On Thursday, the majority of the members of the …

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  • 11 February 2021 11:48 pm

    Bitcoin Maintains Large Gains Near $48,000

    Bitcoin surged on Thursday to a new all-time high, supported by increased demand from institutional investors. The world’s largest cryptocurrency rose earlier today above the $48,000 level for the very first time, setting a new record near $48,300. Now, the digital currency is trading at $47,933, up by about 6.4% …

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  • 11 February 2021 11:29 pm

    European Stocks Return to Gains

    European stocks closed Thursday in gains, recovering from yesterday’s losses, as investors are digesting the financial results for a number of listed companies amid the earning reports season. The STOXX Europe 600 index finished higher by 0.5%, with most sectors, led by tech, closing in the positive territory. The German …

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  • 11 February 2021 11:25 pm

    Gold Declines for First Time in Five Sessions

    Gold prices declined on Thursday, following four consecutive daily rises, as the United States Treasury yields rose following the decline in jobless claims in the U.S. The decline of the yellow metal comes as the U.S. Dollar (USD) has been fluctuating in a tight range today. Gold futures for April delivery dropped …

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  • 11 February 2021 11:08 pm

    OPEC Revises Its Demand Forecasts for 2021

    The Organization of the Petroleum Exporting Countries (OPEC) is expecting the global demand for crude oil to rise by 5.8 million barrels per day (b/d) in 2021, decreasing its previous expectations by about 100,000 b/d. Extended lockdowns and the re-introduction of partial lockdowns in a number of countries has resulted …

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  • 11 February 2021 8:47 pm

    U.S. Natural Gas Inventories Down 171 BCF

    Natural gas inventories in the United States decreased by 171 billion cubic feet (Bcf) during the week ended February 5, according to data by the U.S. Energy Information Administration (EIA) on Thursday. The total amount of natural gas stockpiles currently stands at 2.518 trillion cubic feet (Tcf), declining by 9 …

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  • 11 February 2021 7:36 pm

    USD Flat After Jobless Claims Data

    The U.S. Dollar (USD) remained mostly flat on Thursday, following the release of official data that showed a decline in the number of initial claims for unemployment benefits in the United States. The Dollar Index (DXY), which measures the greenback’s performance against a basket of six major international currencies, is …

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  • 11 February 2021 6:31 pm

    US: Weekly Initial Jobless Claims Decline to 793K

    There were 793,000 initial claims for unemployment benefits in the US during the week ending February 6, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading followed the previous print of 812,000 and came in worse than the market expectation of 757,000.

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  • 11 February 2021 5:33 pm

    OPEC Lowers 2021 World Oil Demand Growth forecast to 5.79M bpd From 5.9M bpd

    OPEC

    OPEC said that global oil demand will rebound in 2021 at a slower pace than previously thought, in the latest step in a series of cuts to expectations amid the fallout from the coronavirus pandemic. The Organization of Petroleum Exporting Countries added in a monthly report that demand will rise …

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  • 11 February 2021 4:58 pm

    Platinum at a Peak of More Than 6 Years

    Platinum prices rose to their highest levels in more than six years, continuing a strong rally thanks to market hopes that an economic recovery would support demand from the auto sector. Platinum rose 1.3% to $ 1257.51 an ounce, after earlier jumping as much as 2.2% to its highest level …

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  • 11 February 2021 3:55 pm

    IEA Laments The Fragile Oil Market And Expects Quick Draw in H2 of 2021

    The International Energy Agency said today, Thursday, that global oil supplies are still exceeding demand due to the continuing general isolation measures aimed at combating the Coronavirus and the spread of its strains, but vaccines should help to recover demand and quickly allow producers to pump more. The Paris-based Energy …

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  • 11 February 2021 3:01 pm

    US Dollar Settled After Weak US Inflation And Central Tendency to Monetary Easing

    The dollar fell during a quiet Asian session, after weaker than expected inflation data in the United States for January and the Federal Reserve’s repetition of its monetary easing stance, but the US currency compensated for some of its losses with the opening of European markets. Data on Wednesday showed …

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  • 11 February 2021 2:12 pm

    A Sudden Drop in Russia’s Oil Production Since The Beginning of February

    Sources told Reuters that despite plans to increase its oil production, data show that Russia’s production of oil and gas condensate actually fell from February 1 to February 10 to 10.11 million barrels per day from an average of 10.16 million barrels per day in January. As of February, Russia …

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