Crude Oil down
Notes: The Federal Open Markets Committee (FOMC) will hold it next policy-setting meeting on 29-30 January.
Gold: Gold prices held steady Monday, near a 7-month peak scaled in previous session, on hopes the Fed will keep interest rates unchanged during its 2-day policy meeting this week.
- Spot gold was firm at $1,301.44 oz, as of 0630 GMT
- US gold futures climbed 0.2$ to $1,301 oz.
The FOMC meets between on 29-30 January, and Chairman Jerome Powell is expected to acknowledge growing risks to the US economy as global momentum weakens.
Gold tends to appreciate on expectations of lower interest rates, which reduce the opportunity cost of holding non-yielding bullion.
Demand for physical gold in India improved slightly last week as local prices eased from their highest level in over 5 years, while buying gathered steam in China ahead of the Lunar New Year festival.
Holdings of SPDR Gold, the largest gold-based ETF(exchange traded fund), ung around their highest marks since late June 2018.
Energy: Crude Oil prices fell by 1% Monday after US companies added rigs for the 1st time this year, a signal that output may rise further, and China, the world’s 2nd-largest Crude Oil user, reported additional signs of an economic slowdown.
- NYMEX WTI Crude Oil futures were at $53.13 bbl at 0543 GMT, -56c, or 1%, from Friday’s settlement.
- ICE Brent Crude Oil futures were at $61.03 bbl, -61c, or 1%.
High US Crude Oil production, which rose to a record 11.9-M BPD late last year, has been weighing on energy markets.
In a sign that output could rise further, US energy firms last week raised the number of rigs looking for new oil for the 1st time in Y 2019 to 862, an additional 10 rigs, Baker Hughes energy services firm said in its weekly report Friday.
Equities: Asian stocks stayed higher Monday while giving up sharper gains as Wall Street rallied after a deal was announced to reopen the US government following a prolonged shutdown that had shaken investor sentiment.
Currencies: USD eased Vs most of its peers Monday as investors turned their attention to this week’s FOMC policy meeting, with traders wagering policymakers will signal a pause in their tightening cycle.
Traders are Bearish USD for Y 2019.
Commodities: Energy, Metals, and Agriculture Grains
|COMMODITY||LAST||CHANGE||% CHANGE||EXP DATE||TIME|
|NYMEX Crude Oil »||53.03 USD||-0.66||-1.24%||Feb 19||1:27AM EST|
|ICE Brent Crude »||60.95 USD||-0.69||-1.13%||Jan 19||7:00PM EST|
|NYMEX RBOB Gasoline »||1.38 USD||-0.01||-1.00%||Jan 19||1:22AM EST|
|Dubai Crude Spot »||60.56 USD||-0.73||-1.21%||Dec 02||1:37AM EST|
|ICE Gas Oil »||564.25 USD||-3.75||-0.66%||Feb 19||7:00PM EST|
|NYMEX No2 Heating Oil »||1.88 USD||-0.02||-0.89%||Jan 19||1:23AM EST|
|NYMEX Nat Gas »||2.92 USD||-0.25||-8.69%||Jan 19||1:22AM EST|
|ICE NBP Nat Gas »||56.04 GBP||+0.00||0.00%||Jan 19||7:00PM EST|
Metals N/A Agriculture Grains N/A
Have a terrific week
Latest posts by Paul Ebeling (see all)
- The Street’s Key Stock Analysts Research Reports - August 23, 2019
- Asia: Gold, USD, Crude Oil, Stocks & Commodities - August 23, 2019
- Gold Traders Kept ‘Powder Dry’ Ahead of Fed’s Jackson Hole Summit - August 22, 2019