Monday, 13 February 2017
What’s next? – GOLD, OIL 14.02.17
Gold prices were higher in Asian hours on Tuesday, as market participants moved into safe-haven assets ahead of Fed Chair J. Yellen speech and a batch of key economic reports.
On the Comex division of the New York Mercantile Exchange, gold for April delivery rose 0.09 percent to trade at $1,226.90 an ounce as of 03:05 GMT.
China’s consumer price index for January came in at 2.5 percent, a tick above expectations. The producer price index established at 6.9 percent vs 6.3 percent seen.
The yellow metal is supported by lower risk appetite amid a large list of data scheduled in the day, from gross domestic product in Germany to UK’s inflation and EU industrial production.
On Monday, gold prices held just above the support area, close to the MA 10-day at 1,224 a troy ounce. Meanwhile, resistance continued to stand at last week’s peak near 1,244 an ounce.
US Fed Chairwoman Janet Yellen is set to speak at Capitol Hill as of 15:00 GMT to testify in front of Congress on monetary policy and economic developments.
President Donald Trump met with Canadian PM Justin Trudeau in Washington D.C. on Monday. Although they kept different views on immigration, they have agreed to reinforce military cooperation to defeat terrorism, as well as promoting a stronger economic partnership.
Oil prices moved higher in Asian trade on Tuesday as investors continued to speculate over OPEC and non-OPEC production cuts, despite the EIA January report showed increasing production levels from US drillers as a response those coordinated efforts.
US West Texas Intermediate oil futures traded at $53.09 a barrel on the New York Mercantile Exchange, up 0.30 percent from its previous settlement. The London-based Brent crude oil futures surged 0.34 percent to trade at $55.77 a barrel as of 02:45 GMT.
The Organization of the Petroleum Exporting Countries and other independent producers such as Russia have agreed to shred 1.8 million barrels per day from global production during the first six months of the year in order to prompt up oil prices.
However, US producers have been trying to undermine these actions by increasing output volumes in recent weeks. This behaviour is clearly detected in the Baker Hughes weekly oil rig count, which last week reported a build 8 platforms operating in US territory.
According to the Energy Information Administration, US shale oil production is expected to rise by 79,000 per day next month, moving the total output levels to 4.83 million barrels per day.
Earlier on Monday, the OPEC said its members reduced 890,000 barrels per day in January, with the exception of Nigeria, Libya and Iran, which are allowed to keep a higher quota standard.
So far, OPEC said its members were able to comply with 93 percent of the total 1.8 million barrels. Russia is contributing with a cut of 558,000 barrels per day.
Later in the day, the American Petroleum Institute is due to release its weekly report on crude inventories, anticipating official data from the US Energy Information Administration.
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