Commodities Daily - September 19, 2018
> Oil climbs as Saudis acquiesce to Brent above $80/bbl amid bearish API report; EIA inventory data due. We expect Brent to end the session close to the $78/bbl mark, as we think the EIA is likely to report a slightly larger US crude inventory build than the one reported by the API yesterday, while a buildup in refined product stockpiles is set to push total stockpiles (crude plus products) higher w-o-w.> Gold showing muted reaction to trade war escalation; Brexit summit eyed. Our FX team notes that EU leaders are getting together in Salzburg today for a two-day Brexit summit. Positive headlines indicating that a Brexit deal is on track could cause the pound and the euro to strengthen against the dollar, which would be positive for gold. Since we expect EUR/USD to rise to 1.173 on Brexit hopes today, we see gold surging above $1,210/oz later in 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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