Oil at the highs of the day Oil is up nearly 4% in an impressive climb despite OPEC+ announcing it will add more than 2 million barrels per day to the market by July. The consensus was that oil would rollover production in May and could do so in June as well. Initially, WTI crude
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NEW YORK: Oil prices rose about 1% on Thursday after preliminary news that OPEC+ reached a deal to gradually ease production cuts from May. Brent crude rose 42 cents, or 0.7%, to $63.16 a barrel by 11:45 a.m. EST (1645 GMT). US oil was up 59 cents, or 1%, at $59.75 a barrel. OPEC+, which
Dollar retreats mildly in early US session after weaker than expected job data. Also, treasury yield is retreating mildly while stocks point to higher open, in particular NASDAQ. Pre-holiday trading in the currency markets is generally mixed. Aussie tumbled earlier today but has recovered a large part of the losses quickly. Sterling is trying hard
Gold Gold ETF’s are continuing to fall and the Fed is quite happy to see bond yields rise as a reflection of a more optimistic outlook. Rising yields are a natural drag on gold and as the US economy gets going those expectations of better times are only going to increase and put further pressure
NEW DELHI: Gold futures were trading with gains on Thursday as expectations of a $2 trillion-plus stimulus plan in the United States raised concerns of inflation, while reports of a new vaccine-resistant virus strain also supported bullion’s safe-haven appeal. US President Joe Biden on Wednesday called for a sweeping use of government power to reshape
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -1.35 mmb to 1290.33 mmb in the week ended March 26. Crude oil inventory slipped -0.88 mmb (consensus: -0.1 mmb) to 501.84 mmb. Stockpile decreased in 3 out of 5 PADDs. Cushing stock added
The OPEC+ decision is tomorrow There’s a strong consensus that OPEC+ will extend production curbs for at least another month at tomorrow’s meeting but there are some jitters after today’s JMMC meeting ended with no policy recommendation. WTI has fallen back to a session low of $59.60 from a high of $61.17 just a few
MUMBAI: In a first of sorts, stock exchange MCX has facilitated a delivery intention of 190 kilos of locally refined 100 gm gold bars for the April 5 expiry contract. On the first day of delivery commencing on March 29, 604.6 kilos of gold mini bars were tendered for delivery to be given or taken.
Rising Treasury yields continue to weigh on gold. The Comex gold contract is on the way to record a second consecutive week of decline. Encouraging economic data and a less dovish Fed are the key factors pressuring the yellow metal. US economic data have been upbeat. Consumer confidence jumped +19.3 points to 109.7 in March,
Latest data released by ONS – 31 March 2021 GDP -7.3% vs -7.8% y/y prelim Private consumption -1.7% vs -0.2% q/q prelim Government spending +6.7% vs +6.4% q/q prelim Exports +6.1% vs +0.1% q/q prelim Imports +11.0% vs +8.9% q/q prelim Total business investment +5.9% vs +1.3% q/q prelim Slight delay in the release by
NEW DELHI: Gold and silver futures were trading lower on Wednesday pressured by a higher Treasury yields on optimism around a quick economic recovery as vaccinations gain momentum. The US 10-year Treasury yield rose as much as 1.776 per cent on Tuesday, its highest since Jan. 22. Higher returns on bonds increase the opportunity cost
China’s official data suggest that the country’s economy recovered significantly in March. PMI readings for all of manufacturing, services and construction activities improved strongly. While seasonal factor (low base effect in February) played a role, the strong first quarter reading signals that economic recovery remains underway. Key risks are global vaccination progress and US-China trade
A look back shows what’s happening in the market On Feb 16, US 10-year yield gapped higher through resistance at 1.20% in a quick move to 1.31%. That set off a mostly one-way rise up to 1.77% earlier today. That move sparked a re-think in many asset classes, some Fed hand-wringing and non-stop inflation talk.
NEW DELHI: Mentha oil prices moved lower on Tuesday amid profit-booking. At 4:51 pm, the MCX April contract of mentha oil futures quoted lower by Rs 3.40 or 0.35 per cent at Rs 955.50 per kilogram, gaining some ground after sliding to as low as Rs 932.50 in intraday trade. Mentha oil had climbed 0.16
Dollar rides on renewed rally in US treasury yields and trades broadly higher today. The greenback’s strength is quite overwhelming for now. On the other hand, Yen and Swiss Franc are trading as the weakest ones, followed by commodity currencies. The stock markets are having little reactions so far, with European indices mildly in black
Daily thread to exchange ideas and to share your thoughts The dollar is still holding its ground for the most part and with higher Treasury yields, yen pairs look to break higher once again with USD/JPY on approach to 110.00. The pair has broken above its June highs to climb to its highest level since March last
NEW DELHI: Gold and silver futures were trading lower on Tuesday pressured by a stronger US dollar and higher Treasury yields on optimism around a quick economic recovery as vaccinations gain momentum. The dollar climbed to a one-year high against the yen on Tuesday as accelerating vaccinations and massive stimulus in the US stoked inflation