2024-04-12 06:40:00
WTI OIL PRICE ABOVE $86
The Yoke on Silver has been partially lifted with the bulls surging to 2 year high price prints .This significant show of strength has lifted across the board the Precious Metals complex that also acts as a safe haven for bids when things get murky in the markets.
Gold COMEX held near record highs as investors brace for US inflation figures that may guide Fed's rate cut outlook.On the presumption that swaps traders are now pricing around 65 basis points of reductions by the end of this year, less than what the central bank forecast last month.
Atlanta FED President Raphael Bostic reiterated his expectation for one interest-rate cut this year, but added he’s open to changing his view to later or additional rate reductions should the economic picture change.
On the Oil tabs ;
#WTICrude OilPrice holds a two day declines and trades on high $84s/bbl price print after the API Report publications for the week stated that US oil stocks added 3.03m barrels last week, subtotalling towards the 3rd consecutive weekly addition prior to the EIA Report.
Price have been on hightides on the LME(LondonMetalsExchange) as demand is predominantly manageable with respect to laws of supply and demand dynamics.
Gold has also been hitting the green all week,going in tandem to the festivities upon us,we have the Ramadan season spreading love across the board.
US CPI also has assisted in this surge as a surprised to the upside was on the decks.
The Commodities Complex pared early gains and edged lower after data showed that US consumer prices rose 3.5% y/y (0.4% m/m) in March, surpassing majority of expectations.
An inconsistency of the 2% point is one to look into keenly.Diamond in the rough right there.
The data showed that uptick in January and February inflation was not an aberration and price growth in the US has stabilized inspite of the stubbornly high levels.
Strong Jobs data and hotter inflation data for March might prompt investors to pare July rate cut and Fed to take a cautious approach towards policy easing.
DollarSpotIndex(#DXY) rose towards high 104s price levels, while the US 2-year yields surged more than 20 bps towards 5% level.
Its safe to say that the clouds on the Metals complex has just been struck with a fine silver lining.Dont be blinded or rather,blink and you mightmiss it.Many blessings all.
--
Andy Warr,
TophatFinanceGroup.
-----
Earlier:
2024, April, 8, 07:00:00
OIL PRICE: BRENT NEAR $90, WTI ABOVE $86
Brent dropped $1.42, or 1.6%, to $89.75 a barrel, WTI was at $85.59 a barrel, down $1.32, or 1.5%.
2024, April, 8, 06:50:00
OPEC+ HIGH CONFORMITY
The Committee also welcomed the announcement by the Russian Federation that its voluntary adjustments in the second quarter of 2024 will be based on production instead of exports.
2024, March, 18, 06:45:00
OIL SECURITY FOR ALL
OPEC has consistently reaffirmed its commitment to oil market stability and security of supply, including through its Members holding spare capacity at their own cost in case of any unforeseen global oil supply disruptions.
2024, March, 7, 06:55:00
OPEC+ VOLUNTARY CUTS
These voluntary cuts are calculated from the 2024 required production level as per the 35th OPEC Ministerial Meeting held on June 4, 2023, and are in addition to the voluntary cuts previously announced in April 2023 and later extended until the end of 2024.
2024, March, 7, 06:50:00
OPEC+: HARD DECISION
These curbs on supply have helped prop up the price of crude for the past 18 months but left Saudi Arabia, which has cut its production by 2mn barrels a day, shouldering most of the cost.
2024, March, 5, 06:45:00
OPEC+ OIL WILL DOWN
Ample supplies have anchored international oil prices near $80 a barrel this year, even as conflict in the Middle East disrupts regional shipping.
2024, February, 9, 06:45:00
OPEC + RUSSIA COHESION
The Committee will continue to closely assess market conditions. Building on the strong cohesion between OPEC and participating non-OPEC oil-producing countries,
