Commodities Daily - March 20, 2018
Oil stays at elevated levels despite US stock market selloff amid weaker dollar and growing pressure on Iran. Today we expect Brent to trade within the $66-67/bbl range, supported by uncertainty over the future of the Iranian nuclear deal and the likelihood of new sanctions. Later in the week, we expect US inventory data to be mildly bearish, with the EIA reporting a larger than expected buildup in crude stockpiles and a slight w-o-w decline in total demand for refined products.Gold recovers on stronger euro ahead of tomorrow’s Fed decision. We expect gold to be range-bound ahead of tomorrow’s Fed decision and the dollar to surge after a hawkish post-meeting statement. We see gold consolidating within the $1,310-1,315/oz range today before dipping closer to $1,300/oz later in the week on a stronger dollar and higher Treasury yields.
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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