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

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

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

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

Notes: China, the world’s biggest buyer of Iranian oil, this week formally complained to the United States over its unilateral Iran sanctions.

Crude Oil output in the United States, which turned into the world’s Top producer last year, last week edged back to its record high at 12.2-M BPD, while net imports rose 900,000 BPD, EIA data showed.

Gold, the precious Yellow metal rose 0.4% so far this week, and is poised for its 1st weekly gainer since the week ended 22 March.

Investors are looking towards the release of the US GDP data, due at 1230 GMT Friday, to gauge the strength of the world’s largest economy.

In Asia

Gold: Gold rose Friday, as signs of weak global growth rekindled investor interest in the safe-haven Yellow metal, keeping it on track for its 1st weekly gainer in 5, while a strong USD ahead of the US GDP data capped gains for bullion.

  • Spot gold up 0.1% at $1,278.62 oz, as of 0334 GMT,
  • US gold futures edged up 0.2% to $1,280.60 an ounce.

Weak data indicates that the countries may have to undertake monetary easing measures, that is a boost to gold prices

Energy: Crude Oil prices dipped Friday on expectations that OPEC will soon raise output to make up for a decline in exports from Iran following a hardening of sanctions on Tehran by the United States.

  • ICE Brent Crude Oil futures were at $74.18 bbl at 0505 GMT, -17c, or 0.2%, from Thursday’s close,
  • NYMEX WTI Crude Oil futures were at $64.89 bbl, -32c or 0.5% on the session.

Crude Oil has been driven up by supply cuts led by the Organization of the Petroleum Exporting Countries and US sanctions on Venezuela and Iran. Crude futures are up around 40% YTD.

Equities: Asian shares started cautiously after world stocks were weighed down by data from Germany and Asia suggesting that global economy was still under slowdown pressures.

MSCI’s broadest index of Asia-Pacific shares sans Japan slipped 0.2%, while E-Mini futures for the S&P 500 lost 0.1%.

Currencies: EUR was off 1% on the week at $1.1133 as Eurozone economic figures continued to disappoint.

The USD was 0.8% firmer on the week so far at 98.145 having marked its highest since May 2017.

The Buck will remain bid in this environment while data continues to look more favorable from the US, especially with regard to the EU.

Friday’s US GDP print could be crucial from a technical point of view. If we see a good number it will probably see EUR targeting the Key psych mark to $1.1000.

JPY proved an outlier by gaining as speculators cut short positions ahead of holidays which will see most Japanese markets shut for 6 trading days.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »64.92 USD-0.29-0.45%May 191:55AM EDT
ICE Brent Crude »74.33 USD-0.15-0.20%Dec 027:00PM EDT
NYMEX RBOB Gasoline »2.13 USD-0.00-0.18%Apr 191:55AM EDT
Dubai Crude Spot »73.33 USD-0.08-0.11%Dec 022:04AM EDT
ICE Gas Oil »641.25 USD-5.00-0.78%May 191:54AM EDT
NYMEX No2 Heating Oil »2.09 USD-0.01-0.26%Apr 191:51AM EDT
NYMEX Nat Gas »2.50 USD-0.01-0.44%Apr 191:44AM EDT
ICE NBP Nat Gas »34.36 GBP+0.000.00%Apr 197:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,279.96USD+3.01+0.24%Dec 022:08AM EDT
COMEX 100oz Gold »1,275.80USD+0.000.00%Apr 197:01PM EDT
Silver Spot »14.97USD+0.04+0.23%Dec 022:08AM EDT
Platinum Spot »890.48USD+7.99+0.90%Dec 022:08AM EDT
Palladium Spot »1,414.60USD+0.10+0.01%Dec 022:08AM EDT
COMEX Copper »2.88USD+0.000.00%Apr 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »347.75USC+0.25+0.07%May 192:00AM EDT
CBOT Wheat »433.75USC-1.00-0.23%May 192:00AM EDT
KCBT Wheat »404.00USC-0.25-0.06%May 191:19AM EDT
MGE Spring Wheat »504.25USC-0.75-0.15%May 191:36AM EDT
Euronext Milling Wheat »182.00EUR+0.000.00%May 1912:29PM EDT
CBOT Soybean »855.00USC-4.25-0.50%May 191:55AM EDT

Have a terrific weekend.

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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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