Commodities news & headlines
Latest breaking stories, features and analysis
- MKM analysts initiated coverage of Chevron's stock with a bullish stance.
- One investment pro argues a 3% exposure to energy stocks is reasonable.
- Another investment pro says energy stocks are moving in tandem and any high-quality name can be bought.
Features & analysis
Latest Commodities news
The price of crude oil has advanced from $37 above $42 in less than several days and the current price stands around $41. At its latest meeting, the OPEC agreed to extend the compensation period for overproduction till the end of December. Fundamental analysis: IEA cut its 2020 demand forecast for oil The price of crude oil advanced last week despite the fact that Libyan warlord General Khalifa Haftar said that the country will reopen oil ports c...
Crude oil prices fell around 7% in the last two weeks on Monday on concerns regarding the delayed global economic recovery. Moreover, the troubles related to Libyan supply are causing more headaches for oil bulls. Fundamental analysis: Global economic recovery slower than expected Investors are increasingly pessimistic that the global economic recovery will accelerate before the end of the year. “(Coronavirus) infection rates are on the ris...
Gold (XAU/USD) prices have continued to trade mostly sideways in the past week after the European Central Bank (ECB) failed to provide any specific indication on further stimulus. Fundamental analysis: ECB offers no clues Spot gold prices are trading 0.2% higher to $1,944.27 per ounce today as the sideways action in the market continues. “The ECB did not address the stronger euro, neither did it come up with any stimulus plans, which will k...
Gazprom (OTCMKTS:GZPMF) is a global energy company that holds the world’s largest natural gas reserves. The company accounts for 12 % of the global gas output and 68% of domestic gas production. In only several months the price of this stock has weakened from $8 below $5 and the recent sell-off created an attractive opportunity to invest in this stock. Fundamental analysis: Stable company with good fundamentals With the market cap of only $54.19B...
It wasn’t too long ago energy giant Exxon Mobil Corporation (NYSE: XOM) was the largest U.S. company. Today, it is not only a fraction of the size of tech behemoths but no longer considered worthy to be included in the prestigious Dow Jones Industrial Average index. When Exxon was a giant Exxon was valued at $415 billion in 2013, giving it the title of the most valuable U.S. listed company. Fast forward to today and the company is worth around $1...
Shares of Chevron Corporation (NYSE: CVX) are likely to join other oil stocks in tumbling on Monday after the company has been forced to shut production and commence evacuation of its crews from the US Gulf of Mexico ahead of tropical storms. Fundamental analysis: Another issue for oil producers Chevron joined Shell, BP, and Equinor in announcing it will shut production at its four facilities in the US Gulf of Mexico ahead of the announced...
Crude oil price closed the week 0.17% higher in another low-volume weekly trading session. Reuters reports that some OPEC+ countries will have to slash their production in August and September to offset oversupply. Fundamental analysis: OPEC+ must cut supply In order to balance the excessive production and output levels from May to July, certain OPEC+ countries are under pressure to cut production in the coming months. Reuters reports that some c...
Agriculture and farming equipment maker Deere & Company (NYSE: DE) is scheduled to report fiscal third quarter results ahead of Friday’s market open. The stock is up around 12% since the start of 2020 as agriculture and farming aren’t directly correlated with the fate of the global economy. But with the stock outperforming the broader S&P 500 index, investors should be made aware of what Street analysts are expecting in Friday’s rep...
Gold prices dropped below $2,000 an ounce today, allowing the dollar to stabilize near the multi-year lows. Investors will be closely looking for hints from FOMC minutes due later on Wednesday. Fundamental analysis: Consolidation before FOMC minutes Spot gold prices fell nearly 1% today as investors anticipate the release of the latest FOMC meeting minutes. U.S. gold futures plunged 0.8% to trade around the $2,000/oz mark. “Gold is do...
Silver price is on a good path to outperform gold, according to the Deutsche Bank analyst. Prices of both metals have surged in the past few months amid the struggling world economy as well as the declining U.S. dollar. Fundamental analysis: Silver to outperform gold? In 2020, bullion prices have rocketed to record highs, a trend that was last seen in September 2011. Investors have been massively turning to precious metals since the pandemic show...
Shares of BP PLC (LON: BP.) rose 8% on Tuesday after the oil giant announced a dividend ‘reset’ by 50%. BP stock price is now trading above GBX300 again as it attempts to break the descending trend line. Fundamental analysis: New strategy presented BP reported a loss of $16.8 billion, mostly due to $10.9 billion worth of impairments. As expected, the firm struggled amid a collapse in crude oil prices and low demand during the COVID-19...
Gold prices have continued its impressive bullish run to print a new record high at $1,987.95/oz. The yellow metal has been an attractive option for investors as the U.S. dollar hits multi-year lows. Fundamental analysis: Nearly 18 million confirmed COVID-19 cases Gold prices hit a fresh all-time high today thanks to rising concerns over the economic spinoff due to an increase in the number of new coronavirus cases, which turned investors’ atten...
WPX Energy (NYSE: WPX) is a mid-size Oklahoma-based oil and gas company that reported an EPS beat in its second quarter results. On Friday, WPX Energy CEO Rick Muncrief returned to the financial media universe for his first CNBC interview in years. Q2 review WPX Energy considers itself lucky it entered 2020 approximately 75% hedged against falling oil prices, Muncrief said on CNBC’s “Worldwide Exchange.” Now the company is “very well protected” a...
Crude oil prices are trading 2.5% lower today as the number of new COVID-19 cases hits a new daily record. Prices of the black gold rose this week due to a weak US dollar, but the gains got capped quickly. Fundamental analysis: Weak dollar and a steep drop in U.S. crude inventories helping oil The broad dollar weakness helped crude oil prices to print levels above $42 for the first time since the plunge in March. However, the gains culminat...
The US dollar has been absolutely destroyed in the last two months. Looking at charts, it seems that dollar buyers capitulated, at least in the short-term. The dollar index (DXY), which measures the value of a basket of currencies of the majority of the U.S.’s most significant trading partners, went from trading around at $100 to a 2-year low at $93.50 in two months. Why are investors selling dollars excessively? The dollar has found itself...
Gold prices have gained a further 2% on Monday to print the record highs above $1940/oz. A weaker dollar across the board, massive stimulus packages introduced around the globe, and resurging U.S. – China conflict have all helped gold prices to surge. Fundamental analysis: Gold prices shot higher as dollar takes a dive A surge in the number of new COVID-19 infections around the world is likely to prompt new actions from the central banks an...
Gold prices have recorded their best week since 2016 to surge above $1,900/oz for the first time since 2011. Investors are channeling their funds into precious metals amid forecasts that more stimulus is heading towards the troubled economies. Fundamental analysis: Gold bursts higher on stimulus forecasts Gold prices have continued their impressive bullish run, fueled by a weakened dollar and inflation anticipations due to incentive for cor...