Commodities Daily - August 7, 2019
> Oil keeps sliding despite stock market reversal; EIA inventory data eyed. Following a neutral set of API data, we are skeptical that the EIA will report the sizable crude stock draw that some are hoping for and expect mixed refined product data. We therefore see Brent remaining below $59/bbl. If, however, the EIA data were to surprise to the upside and show a drop in total crude oil inventories toward 430 mln bbl, then a rally toward $60/bbl could be in the cards, especially given the recent stabilization in global stock markets.> Gold prices climbing on heightened trade war risks; a break above $1,500/oz possible today. White House trade advisor Peter Navarro said yesterday that the Fed should cut rates by 75 bps or a whole 1 pp by the end of the year, supporting current expectations in the gold market. Gold seemed to ignore St Louis Fed President James Bullard's comment that only one more Fed rate cut this year would be appropriate. The heightened trade war risks have caused a spike is safe-haven demand, providing strong support for gold.
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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