Asia: Gold, USD, Crude Oil, Stocks & Commodities


FLASH: Gold Eased, USD Flat, Crude Oil Steady, Stocks Flat

Notes: Crude Oil in still Bear Market territory. Bank of America Merrill Lynch said this week “global oil demand growth is running at the weakest rate since 2012” at below 1-M BPD, and that this was “leading the selloff” in Crude Oil prices recently.

US Crude Oil output rose to a record 12.4-M BPD in the week to 31 May, the Energy Information Administration said Wednesday, an increase of 1.63-M BPD since May 2018.

US Crude Oil inventories also surged by 6.8-M bbls over the same week, to 483.26-M bbls, their highest since July 2017.

Mexican and US officials had held a 2nd day of talks on trade and migration Thursday, and President Trump said might delay the imposition of tariffs due Monday.

In Asia

Gold: Gold set for best week in Y 2019 on rate cut views; eyes on US jobs data later Friday

Energy: Crude Oil prices rose more than 1% Friday, climbing further away from 5-month lows hit earlier in the week after a report that Washington could postpone trade tariffs on Mexico and amid signs that OPEC and other producers may extend their supply cuts.

  • ICE Brent Crude Oil futures were +85c, or 1.4%, at $62.51 bbl by 0356, they gained 1.7% Thursday
  • NYMEX WTI Crude Oil futures were +71c, or 1.4%, at 53.30 bbl.

Despite the 2-day bounce, ICE Brent is heading for a 3rd week of decline, down more than 3%. So is NYMEX WTI, which is on track for a decliner of about 0.4%.

Sentiment for Crude Oil is soft, as fresh signs emerge of a stalling global economy, with the trade dispute between the US and China intensifying.

Equities: Asian share markets mixed Friday as investors waited for concrete signs of progress in the US-Mexican trade dispute, while bracing for a US jobs report that could sway the course of interest rates there.

MSCI’s broadest index of Asia-Pacific shares sans Japan edged 0.04% higher and looked set for another cautious session being up just 0.6% for the week so far.

Japan’s Nikkei firmed 0.3%, but SKorea slipped 0.5%. E-Mini futures for the S&P 500 were mostly flat.

DJIA end Thursday up 0.71%, the S&P 500 gained 0.61% and the NAS Comp 0.53%.

Currencies: .DXY is currently down 0.7% on the week so far Vs a basket of peer currencies at 97.020.

USD has steadied on JPY at 108.44 and was off the recent 5-month low of 107.80.

USD fared less well on EUR which was currently holding gains of almost 1% for the week at $1.1273.

The single currency bounced sharply overnight after the ECB pushed back the timing of any rate hike, but failed to canvass the policy easing that many had wagered on.

Commodities (quotes): Energy, Metals, and Agriculture Grains

NYMEX Crude Oil »53.30 USD+0.71+1.33%Jun 191:54AM EDT
ICE Brent Crude »62.55 USD+0.88+1.41%Jun 191:54AM EDT
NYMEX RBOB Gasoline »1.73 USD+0.02+1.19%Jun 191:54AM EDT
Dubai Crude Spot »59.77 USD+0.31+0.52%Dec 022:05AM EDT
ICE Gas Oil »554.00 USD+12.00+2.17%Jun 191:49AM EDT
NYMEX No2 Heating Oil »1.81 USD+0.02+0.95%Jun 191:55AM EDT
NYMEX Nat Gas »2.34 USD+0.01+0.64%Jun 191:53AM EDT
ICE NBP Nat Gas »27.38 GBP+0.000.00%Jun 197:00PM EDT
Gold Spot »1,332.08USD-2.72-0.20%Dec 021:59AM EDT
COMEX 100oz Gold »1,332.30USD-5.30-0.40%Jun 1910:24PM EDT
Silver Spot »14.88USD+0.03+0.19%Dec 021:58AM EDT
Platinum Spot »804.49USD+1.20+0.15%Dec 021:58AM EDT
Palladium Spot »1,352.96USD+1.32+0.10%Dec 021:58AM EDT
COMEX Copper »2.65USD+0.000.00%Jun 197:01PM EDT
CBOT Corn »418.75USC-1.75-0.42%Jul 191:56AM EDT
CBOT Wheat »502.25USC-7.75-1.54%Jul 191:57AM EDT
KCBT Wheat »450.50USC-4.75-1.05%Jul 191:55AM EDT
MGE Spring Wheat »561.25USC-3.75-0.67%Jul 191:53AM EDT
Euronext Milling Wheat »179.50EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »867.25USC-1.50-0.17%Jul 191:57AM EDT

Have a terrific weekend.