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

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

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

FLASH: Gold Down, USD Up, Crude Oil Down, Stocks Up

Notes: The Fed Wednesday is expected to hold interest rates steady, shave the number of hikes projected for the rest of the year to 1-2 or none, and release long-awaited details of a plan to end the monthly reduction of its massive balance sheet. We see that happening in September/October.

The US Energy Information Administration (EIA) is due to publish its weekly production and storage level report around 1700 GMT Wednesday.

In Asia

Gold: Gold prices dipped Wednesday, after posting gains in the prior 3 sessions, as USD gained ahead of the FOMC’s rate decision later in the day.

  • Spot gold was off 0.1% at $1,304.85 oz, as of 0428 GMT, trading in a narrow $3 range,
  • US gold futures off 0.2% to $1,304.60 oz.

The firm USD and gains in equities are headwinds for gold Wednesday and currently risk appetite is slightly high.

Energy: Crude Oil majors move to dominate US Shale Oil production, as independents scale back. In New Mexico’s Chihuahuan Desert, Exxon Mobil Corp (NYSE:XOM) is building a massive Shale Oil project that its executives boast will allow it to ride out the industry’s boom-and-bust cycles.

Crude Oil prices were down Wednesday weighed down by economic growth concerns that dampened the outlook for fuel consumption, but supported by voluntary supply cuts led by OPEC and by US sanctions against Iran and Venezuela.

  • ICE Brent Crude Oil futures were at $67.55 bbl at 0432 GMT, -6c, or 0.1%, from Tuesday’s close,
  • NYMEX WTI Crude Oil futures were at $58.92 bbl, -11%, or 0.2%, from their prior close.

The dips came after prices rose by more than 0.25c this year, driven up by a pledge led by the Organization of the Petroleum Exporting Countries to withhold around 1.2-M BPD of supply, as well as by US sanctions against Crude Oil exporters Iran and Venezuela.

Equities: Asian shares were trading near 6-month highs ahead of a policy decision by the Fed later in the day.

Currencies: USD rose against most of its peers on reports of renewed tension in US-China trade negotiations. Investors since last year have favored USD as a safe-haven against the US-China trade dispute.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »58.87 USD-0.16-0.27%Mar 1912:45AM EDT
ICE Brent Crude »67.54 USD-0.07-0.10%Mar 198:00PM EDT
NYMEX RBOB Gasoline »1.89 USD-0.00-0.19%Mar 191:15AM EDT
Dubai Crude Spot »67.55 USD-0.05-0.07%Dec 021:38AM EDT
ICE Gas Oil »611.00 USD+1.75+0.29%Apr 198:00PM EDT
NYMEX No2 Heating Oil »1.99 USD-0.00-0.20%Mar 1912:35AM EDT
NYMEX Nat Gas »2.86 USD-0.02-0.56%Mar 191:28AM EDT
ICE NBP Nat Gas »37.28 GBP+0.000.00%Mar 198:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,305.58USD-0.72-0.06%Dec 028:00PM EDT
COMEX 100oz Gold »1,305.00USD+0.000.00%Mar 197:01PM EDT
Silver Spot »15.34USD-0.01-0.04%Dec 028:00PM EDT
Platinum Spot »856.85USD+10.85+1.27%Dec 028:00PM EDT
Palladium Spot »1,603.51USD+7.01+0.44%Dec 028:00PM EDT
COMEX Copper »2.91USD-0.00-0.17%Mar 199:50PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »371.00USC-0.25-0.07%May 191:24AM EDT
CBOT Wheat »456.00USC-0.50-0.11%May 191:37AM EDT
KCBT Wheat »437.75USC+2.00+0.46%May 191:31AM EDT
MGE Spring Wheat »566.00USC+0.75+0.13%May 191:40AM EDT
Euronext Milling Wheat »189.25EUR+0.000.00%May 198:00PM EDT
CBOT Soybean »901.75USC-2.25-0.25%May 191:39AM 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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