Commodities Daily - October 18, 2018
Oil slides on bearish EIA inventory report; Saudi-related tensions stay on the radar. The EIA report is likely to continue weighing on market sentiment today, but we are seeing that investors are willing to buy Brent below $80/bbl (it has already rebounded from this mark on four occasions this week) in the face of Iranian barrels lost amid the geopolitical fallout surrounding Saudi Arabia. We therefore expect Brent to return to the $80/bbl mark today with potential downside coming from dollar strength and negative equity market movements.Gold prices tick lower amid continuing dollar gains. Our FX team thinks the recent dollar rally is abating, with EUR/USD likely to hold around current levels for the rest of the day. We think gold is likely to end the day hovering slightly above the $1,225/oz mark.
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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