Commodities Daily - April 25, 2018
Oil dips on stock selloff, decreased likelihood of new US sanctions on Iran; US inventory data eyed today. We expect the EIA to report a 2 mln bbl buildup in crude stocks and 2 mln bbl draws in gasoline and distillate stocks. The net effect, in our view, will be a slight dip in the Brent price, to $73.0-73.5/bbl, later in the day.Gold resilient to surging Treasury yields, dollar losses drive it higher yesterday. We see the dollar remaining strong today, with EUR/USD trading near 1.22, and expect gold to slide to $1,320/oz later on. In addition, the planned summit between the leaders of North and South Korea could lead to further easing of geopolitical worries and exert additional pressure on prices.
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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