While data shows rising US inventories, fears of weaker demand also increase pressure on Oil prices. According to the American Petroleum Institute, released late Tuesday, US crude oil inventories rose by about 3.3 million barrels last week, contrary to the market expectation of about a 1.6 million barrels decrease. If the Energy Information Administration confirms […]
After touching above 2K, yellow metal returned under this key and psychological level, last seen in August 2022. As banking concerns have been lifting the Gold demand, with fewer concerns and more signs of confidence, trends reversed. Also, before the latest Federal Reserve policy meeting, European Central Bank President Christine Lagarde said on Monday that […]
China retail sales raised 3.5% annually in January and February, while fixed asset investment growth ticked up to 5.5% to avoid the risks of the real estate sector with the bottoming-out signal. However, slower industrial production growth with a 2.4% improvement and slower labor market developments kept the worries alive. In addition, Eurozone and the […]
The Oil price still wanders between different data and economic outlooks. While the prospect of more demand from China helps the bulls, concerns over a possible recession hold them back from moving further. Last week’s Russian threat to cut 500K bpd raised market tension and concerns, which usually favor the bulls. Oil prices rose this […]
In line with encouraging economic data, last week’s published Fed Minutes of its February meeting also was more hawkish than expected. Together, these data helped the US dollar and treasury yields rise and pressure the gold prices. According to the published minutes, FOMC members believe that tackling inflation needs more time and effort, which means, […]
This year, natural gas spot prices have declined more than 46%. The price decline driver was the warmer-than-expected winter across Europe and the United States. While our last week’s price prediction was about $3/MMBtu in February, with the current condition, reaching this price by the end of this month would be challenging. For the whole […]
Bulls will have hard days ahead! The gold price was in a clear uptrend from November 2022 until last week, when market participants started to believe that Fed tightening policies would continue as inflation concerns again increased. This thought and feeling increased the USD index above the 103 Mark and pushed the gold lower to […]
WTI under $73, where next? While Oil and Gas prices are decreasing, OPEC-JMMC decided not to change the production cuts agreed upon in October. They agreed to cut 2 million barrels daily to balance out reduced demand in October. In its last Wednesday’s meeting, the committee decided to maintain its production target until the end […]
Is that the end of the bulls’ story for now? The gold price rose on Wednesday and Thursday after Fed decisions and USD weakness, but we have many signs there that it can be the end for now, and seeing the gold price above 2,000 US dollars, even though it seems probable, takes more time. […]
While US Oil prices used to rise in the past two weeks based on a positive demand outlook from China after reopenings, looking at recently published data from different economies cannot make us so hopeful. China’s 2022 GDP should have met the 5.5% expectations. The main market driver for energy, and especially the oil market, […]
After today’s Fed Chair Powell’s speech, stock markets had slightly positive reactions; investors need clarification about the Oil market’s future. Earlier today, Fed Chair Jerome Powell, in opening remarks of a conference on central bank independence in Sweden, said: “Restoring price stability when inflation is high can require measures that are not popular in the […]
A weaker USD is not the only incentive for bulls; fears of global recession also increase the yellow metal’s safe-haven demands. Economic data in most developed economies are getting weaker, which has various consequences. A weaker economy means we can face a recession, even if it would be soft, but still, it is a recession […]
While Chinese U-Turn in its Covid restriction policies encourages investors and manufacturers, on the other hand, doubts about Beijing’s transparency, especially with the re-increasing patient numbers, holding back the buyers. One of the main changes in Covid restrictions is reducing travel restrictions. The quarantine requirement for tourists has been removed, while Chinese citizens also can […]
Chinese economic growth is one of the main engines of world economic growth. China’s industrial activities from January till November fell more than expected, reducing China’s GDP to just 3% growth in the first three quarters and Business confidence to its lowest level since January 2013. However, analysts expect brighter economic prospects after a U-turn […]
As always, the leading price changer for every commodity is its demand. While most of the weather forecast was about the wave of cold winter, especially in the first days of 2023, the latest updates show that it is more like a cold wave before the heat than a permanent cold mass. At the same […]
Central banks -excluding PBoC- were hawkish enough to increase the risk of recession, reducing energy demand. On top of that, we had fragile economic data from the most developed economies, mainly China, reigniting fears that the poor economic outlook and looming stagnation will reduce oil demand. We can see a bullish trend in the H1 […]
While Gold ended last week with a positive sentiment, this week started with a downward movement. However, the condition is so mixed that investors and traders mostly wait for Wednesday’s Fed announcement. Fed Wednesday’s meeting is a crucial driver! Last week’s price rise was primarily due to increasing recession concerns, as more tightening policies mean […]
Like every Tuesday and Wednesday, we had API and EIA weekly inventory reports. According to Tuesday’s American Petroleum Institute report, the levels of US crude oil inventories fell by -6.426M barrels, almost twice more than -3.884M of expectations, but less than -7.850M barrels of the week earlier. We could see the same reduction in the […]
OPEC meeting will start today, December first to set policy and the amount of output and supply. And then on the second day, they will make the final decision in consultation with non-member allies, called OPEC+. This is while the weak economic prospects and geopolitical tensions have cast a shadow on all decisions. Market participants […]
Gold price after a sharp increase in the first half of the month ($1,617 – 1,787) entered into a slow correction to touch $1,725 with a 3.4% loss. However, again and with a weaker USD, gold could hold its strength and return above the uptrend line in almost all main timeframes. Changing the sentiment from […]
