Commodities Daily - November 28, 2018
> Oil trades sideways in highly volatile session, pressured by stronger dollar; EIA inventory update in focus. We expect today's EIA data to show a rare crude oil stock draw of around 2 mln bbl and lower total 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 above $62/bbl later.> Gold prices retreat as higher Treasury yields team up with a strengthening dollar. Today, investors will eye a speech by Fed Chairman Jerome Powell. In our view, there is now a somewhat higher chance of Powell taking a slightly dovish turn today, although we don't think it would be directly related to yesterday's criticism of his work by Donald Trump. This, in our view, will keep gold from dipping any lower and should help secure it around the $1,215/oz mark later 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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