Commodities Daily - November 21, 2018
> Oil trying to pare back dramatic losses incurred during risk-off trading; EIA inventory update looming. We expect the EIA data to show a crude oil stock draw of around 3 mln bbl and lower refined product inventories, with the net effect of a weekly decline in total stocks (both crude and products). This would likely be positive for Brent, so we expect it to climb back above $64/bbl later today. However, should the strongly speculative bearish run continue - something we see as unlikely - Brent could consolidate in the $59.3-60.3/bbl range, according to Reuters analysis.> Gold prices withstand stronger dollar amid risk-off trading. If EUR/USD declines to 1.135 today on the escalating spat between the European Commission and Rome over the latter's 2019 budget, as our FX analysts expect, we think gold could move off the $1,225/oz mark and toward $1,220/oz, continuing to trade sideways.
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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