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

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

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

FLASH: Gold Steady , USD Off, Crude Oil Higher, Stocks Flat

Notes: The United States aims to cut Iran’s Crude exports by about 20% to below 1-M BPD from May by requiring importing countries to reduce purchases to avoid US sanctions, 2 sources familiar with the matter told Reuters. Both sources said they were briefed by The Trump Administration on the matter but were not authorized to speak publicly about it and asked for anonymity.

Data released earlier in the day showed China’s industrial output grew 5.3% in the 1st 2 months of this year, the slowest pace of expansion in 17 years.

Market participants will now focus on the Bank of Japan’s (BOJ) monetary policy meeting Thursday and Friday.

In Asia

Gold: Gold fell Thursday as USD regained some ground and uncertainty over BREXIT eased, but the precious Yellow metal held close to a 2-week highs hit in the prior session as low inflation data held expectations that the Fed would hold rates.

  • Spot gold was down 0.4% to $1,303.83 oz as of 0416 GMT,
  • US gold futures dipped 0.4%, to $1,304.10 oz.

The USD is playing a Key role in driving gold prices down during Asia trading hours. The USD has been falling for the last 4 sessions and there is a small rebound Thursday

Energy: ICE Brent Crude Oil prices Thursday hit their highest so far this year, pushed up by ongoing supply cuts led by OPEC and by US sanctions against Venezuela and Iran.

  • ICE Brent Crude Oil futures marked a 2019 high at $67.80 bbl in Asian morning hours. That was also the strongest mark since November 2018,
  • NYMEX WTI Crude Oil futures were at $58.38 bbl, +12c, or 0.2%, from Wednesday’s settlement, and also close to November 2018 highs reached the prior day.

A weekly report by the US Energy Information Administration (EIA) said US commercial Crude Oil inventories fell last week as refineries hiked output.

Equities: Asian shares flat Thursday as investors reacted cautiously to mixed data from China, while the pound hovered near 9-month highs as the risk of a no-deal BREXIT receded following a late-night vote.

MSCI’s broadest index of Asia-Pacific shares sans Japan held at 522.06 points.

Japan’s Nikkei rose 0.5%, while Australian and New Zealand shares each added 0.2%.

Chinese shares were in the Red after data showed the country’s industrial output expanded at the slowest pace in 17 years, although retail sales and fixed asset investment grew by more than expected.

Shanghai’s SSE Composite index fell 1.2%, while the blue-chip CSI 300 eased 0.4%.

Currencies: “Sterling is the litmus test for sentiment.” EUR extended gains for a 5th day running. It was last at $1.1329.

.DXY holding near a 7-day low hit after the inflation data Vs a basket of peer currencies, against JPY, the buck gained to 111.44.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »58.42 USD+0.16+0.27%Mar 191:28AM EDT
ICE Brent Crude »67.83 USD+0.28+0.41%Mar 198:00PM EDT
NYMEX RBOB Gasoline »1.87 USD+0.02+0.87%Mar 191:26AM EDT
Dubai Crude Spot »67.91 USD+0.04+0.06%Dec 021:38AM EDT
ICE Gas Oil »612.75 USD+3.50+0.57%Apr 198:00PM EDT
NYMEX No2 Heating Oil »2.00 USD+0.01+0.26%Mar 191:00AM EDT
NYMEX Nat Gas »2.83 USD+0.01+0.49%Mar 191:28AM EDT
ICE NBP Nat Gas »39.26 GBP+0.000.00%Mar 198:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,303.88USD-5.15-0.40%Dec 028:00PM EDT
COMEX 100oz Gold »1,307.50USD+0.000.00%Mar 197:01PM EDT
Silver Spot »15.37USD-0.08-0.53%Dec 028:00PM EDT
Platinum Spot »831.39USD-38.12-4.59%Dec 028:00PM EDT
Palladium Spot »1,543.99USD-12.02-0.78%Dec 028:00PM EDT
COMEX Copper »2.91USD-0.02-0.67%Mar 191:33AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »357.25USC+0.000.00%Mar 195:02PM EDT
CBOT Wheat »440.25USC+0.000.00%Mar 195:41PM EDT
KCBT Wheat »429.75USC+0.000.00%Mar 195:34PM EDT
MGE Spring Wheat »547.25USC+0.000.00%Mar 1911:23PM EST
Euronext Milling Wheat »185.50EUR+0.000.00%May 198:00PM EDT
CBOT Soybean »889.00USC+0.000.00%Mar 195:40PM EDT

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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