Commodities Daily - February 27, 2018
Oil supported by surging stock markets, Saudi view on cut deal exit; US inventory data eyed. Oil prices are currently drawing support from the rise in US equities. Today, attention will also fall on new Fed Chair Jerome Powell’s testimony, with the dollar likely to reemerge as the key driver for oil as a result. An expected US crude stock build and possible dollar strengthening on hawkish comments from Powell are likely to pressure Brent back within the $66-67/bbl range today, in our view.Gold prices range-bound ahead of Powell’s testimony. We think Fed Chairman Jerome Powell is more likely to be interpreted as hawkish than dovish in his testimony before Congress today. This would support the dollar, pressuring gold, which we expect to slide to a $1,320-1,330/oz range later 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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