Commodities Daily - October 9, 2018
Oil mirrors stock market amid bearish IEA monthly report and Saudi-related geopolitical heat. Today, we expect Brent to firm to $82/bbl given the geopolitical heat focused on Saudi Arabia following the disappearance of a Saudi journalist. We think this story is very sensitive for the oil market and could push prices considerably higher if it escalates.Gold prices maintain positive momentum following strong gains last week. This morning, gold is advancing toward the $1,230/oz mark on early signs of a weaker dollar. Today, investors will eye the US retail sales report (15:30 Moscow time). The consensus is for a 0.6% m-o-m rise, which would be above August's 0.1% rise. Such a result could buoy the dollar. We expect this morning's gold price rally to ease and see gold stabilizing around $1,225/oz for the rest of the day.
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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