Commodities Daily - March 11, 2019
> Oil rebounds following downbeat ECB growth outlook, amid US payrolls and rig count data. This morning, Brent is trading near $66/bbl, supported by Fed Chairman Jerome Powell over the weekend reiterating his dovish stance. Furthermore, Saudi oil minister Khalid al-Falih yesterday noted that he doesn't expect any change in OPEC+ output policy before June. Reports coming through this morning indicate that the Saudis will extend their deep oil output cuts into April (production to be below 10 mln bpd). CERAWeek in Houston will be on the radar early this week, where a number of high-level industry and government officials will be speaking. We think that later today Brent is likely to move higher and approach $67/bbl.> Gold moves close to $1,300/oz. A weak nonfarm payrolls figure and Fed Chairman Jerome Powell's comments on Sunday have provided support to metals prices. Today, US President Donald Trump is set to present a budget plan for 2020. If the dollar begins to weaken, gold could move to $1,310/oz.
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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