Commodities Daily - April 16, 2019
> Oil ticks lower amid Russian OPEC+ deal under-compliance, US shale growth forecasts and stumbling stock markets. Today's macro calendar is light but features UK employment data, German and European ZEW surveys, US industrial production and the API inventory update overnight. This morning, Brent has dipped slightly below $71/bbl. We remain cautious and expect it to oscillate around the $71/bbl mark for the rest of the day, with the downside likely limited to $70.37/bbl and the upside to $71.59/bbl.> Gold prices continue correction on optimism about US-China trade deal. The key narrative in markets this week seems to be whether the global economy is healthier than downbeat data and outlooks from across the globe would suggest. In this respect, Chinese industrial production and GDP. If the data turns out upbeat, gold prices will almost certainly be pressured further. As for today, we think that the recent gold price correction could take a pause, with gold prices stabilizing in a range of $1,280-1,285/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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