Commodities news & headlines
Latest breaking stories, features and analysis
- Exxon and Chevron reported weak third quarter results.
- The reports confirm sluggish demand due to COVID-19 remains unchanged.
- Two pros agree oil stocks should be sold to offset capital gains elsewhere.
Features & analysis
Latest Commodities news
Gold spot prices are on the brink of closing nearly 1.5% lower as investors are worried that the new stimulus plan won’t be arriving anytime soon. Fundamental analysis: Dollar strengthens Gold prices bounced on Friday driven by recent optimism regarding the new stimulus package in the U.S. There’s a general belief that prices of the yellow are more appealing in the eyes of investors as a hedge against inflation. Robin Bhar, an i...
Crude oil prices recovered today, fueled by strong data in China. However, the data from the rest of the world show fading demand and supply renewals in Norway, Libya and the Gulf of Mexico capped the gains. Fundamental analysis: China helps crude China, the number one crude oil importer in the world, imported 11.8 million barrels per day (BPD) of oil in the last month. This is 5.5% higher than in August and up 17.5% from September 2019, ac...
The price of crude oil has advanced from $37 above $41 in less than several days and the current price stands around $40.5. Hurricane Delta shut down most production in the Gulf of Mexico and this had a positive influence on the price of oil. Fundamental analysis: The global oil demand will return to pre-pandemic levels in 2022 The price of crude oil is again above $40 psychological level after the news that Hurricane Delta shut down most product...
The price of gold has advanced above $1930 this trading week and the current price stands around $1929. Gold has continued to trade in an uptrend as the COVID-19 pandemic continues to dominate the financial markets. Fundamental analysis: The scenario for the price of gold could be even better Gold is considered a safe-haven asset and the price of gold has advanced in the wake of the coronavirus crisis as investors look for safer places to invest...
The price of gold has advanced from $1848 above $1915 this trading week and the current price stands around $1898. Concerns about sluggish economic growth amid the ongoing pandemic continue to dominate the financial markets. Fundamental analysis: Risk aversion will likely prevail at the beginning of the week Gold has continued to trade in an uptrend and investors trading gold are expected to be more active in the upcoming days. The US stock marke...
Volatile financial markets have welcomed European traders and investors this morning after the U.S. President Donald Trump and his wife Melania had tested positive for coronavirus and went into quarantine. Trump tests positive Donald Trump confirmed on Twitter that he and his wife Melania are positive on COVID-19 infection. “We will begin our quarantine and recovery process immediately. We will get through this TOGETHER!,” Trump said. Trump...
Oil price is pressured by the reported return of Libyan exports but it is also under pressure from Covid-19 fears. The price of crude oil has weakened from $40.7 to $37.6 in less than several days and the current price stands around $38. Fundamental analysis: Demand for oil has weakened as air travel remains restricted The price of crude oil is again below $40 psychological level and this could be the indication that the price could weaken even m...
JPMorgan Chase & Co. (NYSE: JPM) reached an agreement with U.S. regulators that involves acknowledging misconduct and paying a hefty fine for manipulation. Spoofing is illegal The U.S. Justice Department, the Commodity Futures Trading Commission, and the Securities and Exchange Commission were all investigating JPMorgan for manipulating precious metals prices and Treasury markets, The Wall Street Journal reported. The bank agreed to a deferre...
Shares of Siemens Energy (ETR: ENR1n) have rallied 6% today to recover yesterday’s losses. The stock opened lower-than-anticipated on their market debut on the Frankfurt stock exchange on Monday. Fundamental analysis: A disappointing debut The German giant Siemens (ETR: SIE) decided to make its energy division independent. Siemens Energy debuted at 22.01 euro per share on Monday, valuing the gas turbines and power transmission systems maker...
Copper prices fell 4.65% this week to follow the vast majority of other commodities lower. Crude oil prices also closed lower, nearly 2%, but still managed to force a close above $40 per barrel. Silver price crashed nearly 15% to log the 2-month low. Copper imports limited India aims to slow down the import of aluminium and copper into the country. On the other hand, oil prices moved up as several oil companies failed to reach their output cut ta...
Crude oil prices continued to trade sideways this week as the buyers struggled to cope with an increase in the number of new coronavirus cases worldwide. Fundamental analysis: COVID-19 infections rising The number of COVID-10 cases surged in the United States, particularly in the Midwest and New York City, which is considering restoring shutdown mandates. The virus has taken over 200,000 lives in the U.S. so far. “There is this second wave of fea...
Gold (XAU/USD) prices declined to the lowest level recorded since July as the U.S. dollar gains on rising concerns over new Covid-19 cases in Europe and emerging doubts on additional stimulus from the Fed in the United States. Fundamental analysis: Higher dollar pressuring gold prices A stronger USD makes gold prices more expensive for those who own other currencies. “We are seeing a risk-off environment taking hold, which means that...
MKM Partners analyst recommended clients take advantage of a “cyclically opportunistic” stock and buy Chevron Corporation (NYSE: CVX). Does this signal a broader opportunity for other global energy companies? The bullish details MKM Partners analyst John Gerdes initiated coverage of Chevron’s stock with a Buy rating and believes it has upside potential to $121 per share. The analyst justified the bullish stance by noting the company should gener...
Shares of Royal Dutch Shell PLC (LON: RDSB) are trading over 55% lower since the beginning of the year. Although the stock is trading relatively cheap, it’s difficult to structure a bull case. Fundamental analysis: Major campaign launched Royal Dutch Shell plans to slash 40% of producing oil and gas costs in a bid to restructure its struggling business. The aim is to save money re-invest the funds in renewable and sustainable energy. The project...
The price of gold has extended its correction from the record highs above $2 070, registered in the first week of August. Despite this, there is no reason to panic and as long the price of gold is above $1 800 this precious metal is in the “buy” zone. Fundamental analysis: The price is supported by uncertainty over the global economic future Gold is considered a safe-haven asset and the price of gold has advanced in the wake of the co...
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...