Commodities Daily - April 2, 2019
> Oil surges to YTD highs on upbeat China and US macro data, OPEC production decline. Today, investors will eye EU PPI and US durable goods orders for February, while API inventories will come in overnight. More importantly for oil prices today, in our view, will be the WTO's latest trade forecast report (14:00 Moscow time). A downgrade of projections due to the effects of the US-China trade war could be in the cards. Brent's 200-day moving average resistance level today is $69.18/bbl. We think that Brent will struggle to secure above $69/bbl today.> Gold under pressure this morning. Yesterday, solid US macro data sparked a pickup in demand for dollar assets. The consequent strengthening of the dollar forced gold into retreat in the second half of the day. In the UK, the Parliament once again rejected a series of proposals for how to proceed with Brexit. There are not any major events on today's agenda, so we believe gold is likely to hold below $1,290/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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