Commodities Daily - February 14, 2018
Oil pressured following IEA monthly report and API inventory data. We think today’s EIA data, due at 18:30 Moscow time, will have a negative impact on prices. We expect an increase in crude inventories of around 2 mln bbl on lower refinery inputs and surging oil production. The refined product data will likely complement the bearish development in crude stockpiles, thanks to weaker demand. As a result, we expect Brent to end the day within the $61.5-62.0/bbl range.Gold up on weaker dollar and Treasury yields; US CPI eyed. A higher than expected inflation reading today could lead to a sharp rise in the greenback and a slide in gold prices. Our FX team believes that as long as CPI does not surprise to the upside, EUR/USD will likely test the 1.24 level (up from 1.237 currently), which we think would result in gold’s testing the $1,340/oz mark later in the day.
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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