Commodities Daily - August 21, 2018
Oil prices edge higher despite China confronting US on Iran, US selling from strategic reserves. Until today's inventory data is published, we think Brent has the potential to drop below $72/bbl given China's plans to continue importing Iranian oil and the announced release of volumes from the US Strategic Petroleum Reserve.Gold continues to recover ahead of US-China trade talks, also boosted by Trump's criticism of Fed. Today, gold investors are looking out for developments in terms of trade and politics. Our FX team thinks that EUR/USD, already above the 1.15 mark, could return to its summer range of 1.15-1.18, though on balance the risks lie more to the downside in the coming weeks. Today, we expect gold to attempt to break above $1,200/oz on increased risk appetite, which would be dollar-negative.
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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