Sunday, 26 March 2017
What’s next? – GOLD, OIL 27.03.17
Gold futures moved higher in Asian trade on Monday amid growing political risks ahead of Britain’s official application to leave the European Union.
Theresa May’s government is due to trigger Article 50 of the Lisbon Treaty later this week, which will be the first formal step to start Brexit negotiations with EU headquarters.
On the Comex division of the New York Mercantile Exchange, gold for April delivery rose 0.78 percent to trade at $1258.30 a troy ounce as of 06:45 GMT.
In a light day for economic data, gold traders are expected to follow remarks from Dallas Fed President Robert Kaplan. Market participants are searching for hints on the timing of the next Fed move. Additionally, German lfo Business Climate is set to be published as of 08:00 GMT.
Washington agenda continues in focus after President Donald Trump pulled the healthcare vote due to lack of support to pass the American Health Care Act bill in Congress last Friday.
The Trump administration needed to secure 215 votes and could only afford to lose 21 Republican seats, although more than 28 GOP members had anticipated a ‘no’ vote.
The healthcare bill failure comes in at crucial times for the new administration, as Wall Street seems to be on the verge of a massive correction in the light of non-delivered Trump promises.
Investors were following Trumpcare to understand whether the Republican leader was able to effectively convince its own party to pass the bill and coordinate efforts. This negative output is expected to kill expectations for a tax reform or deregulation measures in the short term.
Oil futures dipped in Asian hours on Monday following a meeting between OPEC and non-OPEC ministers regarding a possible extension of the output cut agreement.
In a joint statement, the oil cartel and independent producers have agreed to consider extending the output reductions for another six months after June.
US West Texas Intermediate oil futures traded at $47.56 a barrel on the New York Mercantile Exchange, down 0.85 percent from its previous settlement. The international Brent crude oil futures dropped 0.65 percent to trade at $50.47 a barrel as of 06:45 GMT.
Ahead this week, investors will be paying to fresh US crude oil inventories on Tuesday (API) and Wednesday (EIA) and Baker Hughes’ weekly oil rig count on Friday.
Oil benchmarks ended in red territory last Friday, down by 2 percent after Baker Hughes said oil rigs rose by 21 units to a total of 652 platforms, the highest level since September 2015. Market players are worried that increasing US shale production will derail OPEC-led efforts.
The Organization of the Petroleum Exporting Countries agreed to reduce global output by nearly 2 percent, which accounts for 1.8 million barrels per day, in collaboration with non-OPEC producers such as Russia. The deal is effective for the first six months of the year.
The US Energy Information Administration (EIA) said crude reserves increased by almost 5 million barrels in the week ended March 17, leaving the total count at a record high of 533.1 million barrels, fueling concerns among market players and pushing prices to the downside.
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