Commodities Daily - March 7, 2019
> Oil ticks higher, as refined product stock draw in US offsets crude build. Today, market players will eye the ECB decision, eurozone GDP and US jobless claims. On Friday, US nonfarm payrolls will be on the radar. We think that Brent will remain in its current $65-67/bbl range for the rest of this week, as none of the aforementioned releases, in our view, are likely to be strong enough to move it out of this corridor.> Gold steady ahead of likely pressure from ECB. The ECB meeting, rate decision (at 15:45 Moscow time) and press conference led by Mario Draghi (16:30) will be key today. We maintain the view that both the ECB monetary policy meeting today and the US nonfarm payrolls data on Friday are likely to lead to the dollar strengthening against DM currencies, with EUR/USD moving to 1.125 today and possibly lower tomorrow. However, we still see strong support for gold at $1,280/oz and do not expect it to break below that 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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