Commodities Daily - July 2, 2019
> Oil rally reverses as dollar strengthens and stocks retreat from highs. Today, the oil market will be looking out for the ratification of the OPEC+ deal extension, US auto sales data, a speech from New York Fed President John C. Williams and the overnight API inventory data. We doubt that yesterday's late oil price correction marked the beginning of a downward trend. Given today's agenda, we think that Brent is unlikely to post further losses and see it consolidating around $65/bbl.> Gold recovering today following yesterday's fall. US and eurozone PMIs released yesterday caused the dollar to strengthen and gold to beat a retreat. This morning, however, gold has been buoyed by reports that the US has widened the list of imports from the EU that could face tariffs from $21 bln worth to $25 bln.
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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