Commodities Daily - October 2, 2019
> Oil slides on downbeat US manufacturing data, but API report provides tailwind; US ADP and EIA data eyed. Today, we expect the EIA to report a 1-2 mln bbl decrease in crude oil stocks (amid lower imports and higher exports but despite lower refinery runs), which we think would likely push Brent toward $60/bbl. This view is also based on expectations that earlier in the day today various Fed speakers will sound a dovish tone (following the downbeat manufacturing data) and that the US ADP data will come in weak, which could help the greenback to lose some steam.> After falling to as low as $1,460/oz early yesterday, gold prices trading around $1,480/oz this morning. Gold prices retreated to $1,460/oz early on yesterday amid a stronger dollar. However, the weak ISM US manufacturing report sent gold surging. It ended the day at $1,479/oz. Today's highlights are the ADP US employment report and speeches by several Fed officials.
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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