Commodities Daily - February 19, 2018
Oil prices driven higher by surge on Asian markets and Middle East tension; hedge funds trim long positions as US rig count grows again. Trading will be subdued today due to public holidays in the US and China. At the Nigeria International Petroleum Summit today, OPEC Secretary General Mohammad Barkindo is likely to deliver upbeat comments on the market rebalancing efforts, supporting Brent at around $65/bbl.Gold prices slide on strengthening dollar and geopolitical uncertainty. Our FX analysts expect a quiet start to the week, with Chinese markets still closed for the lunar holiday and US markets also shut for Presidents’ Day. They see EUR/USD remaining near the 1.24 mark today. Given this, we think gold will remain in the $1,345-1,350/oz range today, with any reduction in geopolitical uncertainty likely to pressure it closer to $1,340/oz this week.
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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