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

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

$GLD,$SLV,$USD,$USO,$OIL,$SOY,$CORN,$WEAT

Gold Steady
USD Eased
Crude Oil Up
Stocks Up

In Asia

Notes: The Federal Open Markets Committee (FOMC) held its policy-setting meeting and stood pat with a very dovish tone.

Officials from Washington and Beijing have launch a new round of trade talks aimed at resolving their disputes.

Gold: A surge in gold purchases by central banks to the highest since Y 1967 helped push global demand for the precious Yellow metal up 4% last year, the World Gold Council (WGC) said Thursday.

The world consumed 4,345.1 tonnes of Y gold in 2018, up from 4,159.9 tonnes in Y 2017, the WGC said in its latest quarterly demand trends report.

Driving the increase were central banks which bought 651.5 tonnes – 74% more than in Y 2017 and the 2nd highest annual total on record, as countries including China and Poland joined Russia, Turkey and Kazakhstan in adding to their reserves, the WGC said.

Global supply of gold grew by 1% to 4,490.2 tonnes last year, the WGC said.

Gold prices gained Thursday in Asia and remained above the Key $1,300 oz level for the 5th day running.

  • Gold futures for February delivery traded 0.7% higher to $1,318.75 by 1:51 AM ET (06:51 GMT) on the COMEX exchange.

Gold is traditionally seen as a safe investment in times of political or economic turbulence.

Energy: Crude Oil prices rose for a 3rd day runing Thursday, pushed up by lower imports into the United States amid OPEC efforts to tighten the market, and as Venezuela struggles to keep up its exports after Washington imposed sanctions on the South American nation.

  • NYMEX WTI Crude Oil futures were at $54.63 bbll at 0445 GMT, +40c, or 0.7%, from Wednesday’s settlement.
  • ICE Brent Crude Oil futures were up 59 c, or 1%, at $62.24 bbl

The price rise came after a report from the US Energy Information Administration (EIA) Wednesday showed a drop in Saudi Crude Oil supply to the United States.

Crude Oil prices were stronger after signs emerged that OPEC cuts are impacting trade. EIA’s weekly report showed that US imports from Saudi Arabia fell by more than 50% from the prior week to 442,000 BPD. This is the 2nd lowest mark in weekly data going back to Y 2010

Equities:  Japan’s Nikkei rebounded Thursday on the Fed’s pledge to be patient over lifting interest rates helped ease worries about risks facing the slowing global economy.

The Nikkei share average closed up 1.1% at 20,773.49, after reaching 20,869.42 in the morning, its highest mark since 21 January

Currencies: USD dropped 0.3% to 108.78 JPY. RMB Yuan rose Thursday in Asia as traders digested business survey data which improved slightly in January, but still showed a manufacturing sector in contraction.

The USD/CNY pair fell 0.2% to 6.6971 by 12:22a EST (05:22 GMT).

Commodities: Energy, Metals, and Agriculture Grains

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »54.53USD+0.30+0.55%Feb 192:40AM EST
ICE Brent Crude »62.11USD+0.46+0.74%Jan 197:00PM EST
NYMEX RBOB Gasoline »1.38USD+0.000.00%Jan 194:39PM EST
Dubai Crude Spot »61.85USD+0.22+0.36%Dec 022:50AM EST
ICE Gas Oil »579.75USD+1.00+0.17%Feb 197:00PM EST
NYMEX No2 Heating Oil »1.91USD+0.01+0.63%Jan 1910:43PM EST
NYMEX Nat Gas »2.90USD+0.05+1.69%Feb 192:41AM EST
ICE NBP Nat Gas »52.50GBP-0.03-0.06%Feb 197:00PM EST

Note: Metals and Agriculture Grain live quotes N/A

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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