Commodities Daily - May 30, 2019
> Oil pares losses on upbeat fundamentals after being hit by global market risk-off. In the wake of the API data, we expect the EIA figures to be slightly less bullish, showing a more modest crude stock draw on a smaller decline in imports amid surging refinery intakes. We therefore expect Brent to move above $70/bbl later today, though we do not think it will settle above the $70.67/bbl technical resistance level, which corresponds to Brent's 50-day MA.> Gold closes flat as volatility remains low. Today will see significant macro data from the US, including the latest 1Q19 GDP estimate. Positive data would likely pressure gold, which could retreat to $1,275/oz 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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