Commodities Daily - April 15, 2019
> Oil prices advance amid risk-on; EIA drilling productivity report and 1Q19 earnings season in focus. Today's agenda is thin, with the US Empire State manufacturing survey (15:30 Moscow time) grabbing attention and 1Q19 corporate earnings likely to drive sentiment (two of the largest Wall Street banks, Citigroup and Goldman Sachs, are due to report today). We are cautious today, as we think Brent will struggle to hold above the $71/bbl mark amid profit taking, although we see the downside limited to $70.5/bbl and the upside limited to $72/bbl.> Negative momentum in gold continues. US earnings season got underway on Friday, which led to a decrease in demand for defensive assets. This week will be shortened due to the Easter holiday in the US and Europe. We expect gold prices to drift further down amid the lack of important Fed-related events. The current technical support level is $1,280/oz.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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