Commodities Daily - November 7, 2018
Oil slides as fears of supply shortage abate; EIA inventory data eyed. We expect today's EIA data to show a build in crude stocks of around 5 mln bpd, though we think this will be counterbalanced by a decline in refined product inventories, meaning an ultimately neutral impact on Brent (the initial reaction could be negative).Gold dips ahead of US midterms, which continue to drive volatility this morning. Despite the election outcome being in line with expectations, it has led to some volatility this morning, with EUR/USD fluctuating within a relatively wide range of 1.140-1.147, skewing toward the upper end at the moment, as investors are anticipating a period of rebalancing in US politics. Gold, boosted by the strengthening euro, is trading slightly above $1,230/oz as we write. As our FX team sees the dollar continuing to weaken throughout the day, we believe gold prices will bounce back to $1,235/oz later.
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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