Commodities Daily - October 31, 2018
> Oil slides amid escalation of trade war; EIA data eyed today. We expect the EIA data to show overall higher crude oil stocks and lower refined product inventories, with the net result being positive for the Brent price. That said, we see the EIA reporting a smaller weekly oil stock build than the API did, which would likely be taken as an unexpected bullish development. In addition, continued risk-on trading should buoy stock markets during the day. Hence we expect Brent to surge above $77/bbl later in the day. > Gold slides on risk-on sentiment, dollar-positive trade war escalation. Today, investors will eye eurozone inflation and the ADP employment report in the US, which may hint at how the widely anticipated US labor report on Friday will turn out. The US labor market likely strengthened further in October, which may actually give the dollar some more room to run. Given all of this, we expect gold to dip below $1,210/oz 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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