Commodities Daily - August 31, 2018
Oil prices tick up on strong fundamentals; EIA-914 report eyed. Today, investors are eyeing the monthly EIA-914 oil and gas production report (19:00 Moscow time), which we expect to show rather subdued m-o-m US crude oil production growth in June. Given the current bull run and the fact that oil prices are largely brushing off the stronger dollar and falling stock market, it is difficult to envisage a correction, with the November Brent contract likely to consolidate within a range of $77-78/bbl today.Gold recovers from dip below $1,200/oz after dollar begins to fade. Our FX team notes that the dollar was boosted by risk-off sentiment yesterday but may retreat a bit today ahead of the long Labor Day weekend in the US. We think that this will drive gold above $1,210/oz today.
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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