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Showing posts with label Best Commodity Tips. Show all posts
Showing posts with label Best Commodity Tips. Show all posts

Friday, 17 November 2017

Best Commodity Tips
Oil ended the week on a rebound as Saudi Arabia moved to dissipate doubts that Russia is ready to extend output curbs.Futures rose 2.6 percent in New York on Friday after Saudi Arabia’s Energy Minister Khalid Al-Falih said OPEC should announce an extension of the cuts when it meets on Nov. 30. But that wasn’t enough to completely erase losses from the past few days, when uncertainty over a deal and surging U.S. production set the tone. Prices were 0.3 percent lower for the week, snapping the longest streak of weekly gains in a year.
"Ahead of the OPEC meeting, we’re going to see a little bit of volatility," Gene McGillian, a market research manager at Tradition Energy in Stamford, Connecticut, said by phone. "Going forward, the market needs to keep seeing that the fundamental picture is continuing to tighten."

Oil’s rally to the highest in more than two years last week faltered as Russia is said to be hesitant to commit to a decision on the cuts so soon, suggesting OPEC wait until closer to the deal’s expiration at the end of March. U.S. crude output gained this week to the highest in more than three decades, according to government data. Adding to the tension, the International Energy Agency said milder-than-normal winter weather is putting a brake on demand growth.
West Texas Intermediate for December delivery settled $1.41 higher at $56.55 a barrel on the New York Mercantile Exchange.Ecuador Won’t Ask OPEC for Exemption on Oil Production Cut

Brent for January settlement closed 2.2 percent higher at $62.72 a barrel on the London-based ICE Futures Europe exchange. Prices are down 1.3 percent this week, the first weekly drop since the start of October. The global benchmark was at a premium of $6.01 to January WTI.

The Organization of Petroleum Exporting Countries is unlikely to reduce excess oil inventories to average levels by the time the current supply deal expires, Al-Falih said Thursday. The kingdom has had extensive consultations with Russia and the minister said he feels “fully convinced” the country will be “fully on board” when a resolution is made.
Oil-market news:

Oil exports from Iraq’s northern Kurdish region to Turkey rose to 254,000 barrels a day on Friday, according to a port agent who asked not to be identified because the information is private.Iran’s crude oil production capacity will likely rise to 4.4 million barrels a day by 2022-23, FGE Chairman Fereidun Fesharaki wrote in an emailed note on Friday.

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Thursday, 16 November 2017

Best Commodity Tips
Gold Gains In Asia As US Tax Cut Views Stoke Inflation Concerns

Gold prices edged up in Asia as U.S. tax cuts move closer to passage, raising inflation concerns for some investors.Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose 0.43% to $1283.66 a troy ounce. Overnight, the U.S. House of Representatives passed its version of the tax cut legislation while a key committee reported its version to the full U.S. Senate.Overnight, gold prices were roughly unchanged on Thursday as the recent trend of flattening yields faded but downside momentum was capped by dollar weakness on the back of soft economic data.

Ahead of the GOP House vote on tax reform, gold prices traded in a narrow range on Thursday as gains amid a falling dollar were capped by an uptick in treasury yields.The U.S. Department of Labor reported Thursday that initial jobless claims increased 10,000 a seasonally adjusted 249,000 for the week ended Nov. 11, missing forecasts of a 4,000 decrease.Philly Fed manufacturing index for November fell to 22.7 in November from 27.9 in October, undershooting economists’ forecasts for a reading of 25.

Gold is sensitive to moves higher in both bond yields and the U.S. dollar – A stronger dollar makes gold more expensive for holders of foreign currency while a rise in U.S. rates, lift the opportunity cost of holding non-yielding assets such as bullion.Traders, however, shifted attention to tax reform as the House is poised to pass a massive overhaul of the U.S. tax code on Thursday as Republicans attempt to push through tax reform before year-end.

Crude Oil Mixed In Asia As US Benchmark Gains Ahead Of Rig Count Data

Crude oil prices were narrowly mixed on Friday as investors looked ahead to weekly US rig count figures to set the tone.On the New York Mercantile Exchange crude futures for December delivery rose 0.33% to $55.32 a barrel, while on London's Intercontinental Exchange, Brent lost 0.21% to $61.23 a barrel.Overnight, crude oil prices settled lower on Thursday as investors fretted over a potential uptick in global supply amid reports that Turkey and Iraq discussed resuming exports from the Kirkuk-Ceyhan pipeline.A discussion between Iraq and Turkey on resuming Kirkuk oil export from the Ceyhan pipeline sparked fears of oversupply as many said a possible uptick in exports would forced OPEC to rein in production.

Inventories of U.S. crude rose by roughly 1.9 million barrels for the week ended Nov. 11, missing expectations of a draw of 2.2 barrels.Data pointing to rising U.S. output comes ahead of an OPEC meeting on Nov. 30 in Vienna, where it is expected the oil-cartel will extend its output-cut agreement beyond the March 2018 deadline.In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November last year.

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Wednesday, 15 November 2017

Best Commodity Tips
Gold Prices Gain In Asia As Investors Stake Positions On Inflation Views

Gold prices edged higher in Asia on Thursday with the ongoing debate about inflation prospects in the year ahead driving sentiment.Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose 0.08% to $1,278.74 a troy ounce.

Overnight, gold prices fell on Wednesday after the dollar moved off intraday lows on signs that fourth quarter economic growth remained solid, cementing investor expectations that the Federal Reserve will raised rates for the third time this year in December.A duo of reports on retail sales and inflation lifted the dollar off lows, pressuring gold prices to retreat from highs as the precious metal remained on track to post a loss for the first time this week.The Labor Department said on Wednesday its Consumer Price Index rose 0.1% last month after jumping 0.5% in September.

Gold is sensitive to moves higher in both bond yields and the U.S. dollar – A stronger dollar makes gold more expensive for holders of foreign currency while a rise in U.S. rates, lift the opportunity cost of holding non-yielding assets such as bullion.

Crude Oil Prices rebound Slightly In Asia With Venezuela Debt In Focus

Crude oil prices edged up in Asia on Thursday as investors saw a recent sell-off overdone and continued to monitor declining production from OPEC member Venezuela as it reels from a debt and inflation crisis.On the New York Mercantile Exchange crude futures for December delivery inched up 0.02% to $55.34 a barrel, while on London's Intercontinental Exchange, Brent rose 0.10% to $61.94 a barrel.Eurasia Group said that a default by Venezuela and its state-owned oil company remains highly likely.

"Predicting the precise timing of a default is difficult, as the government seems prepared to keep paying while it can," Eurasia Group said in a report.

Overnight, crude oil settled lower for the third day amid ongoing concerns over rising US output and build in crude stockpiles for the second week in row.Inventories of U.S. crude rose by roughly 1.9 million barrels for the week ended Nov. 11, missing expectations of a draw of 2.2 barrels.

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Tuesday, 14 November 2017

Best Commodity Tips
Oil prices slide after IEA casts doubt over demand outlook

Oil prices fell over 1 percent on Wednesday, continuing Tuesday's slide after the International Energy Agency cast doubts over the past few months' narrative of tightening fuel markets.Brent crude futures LCOc1 were at $61.44 per barrel at 0413 GMT, down 77 cents, or 1.24 percent from their last close.U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.10 per barrel, down 60 cents, or 1.1 percent.The price falls mean that crude prices are now down by around 5 percent since hitting 2015 highs last week, ending a 40-percent rally between June and early November.

"Crude prices dropped dramatically after the IEA forecast a gloomy outlook for the near future ... The drop was arguably exacerbated by a global selloff in other commodities," said Sukrit Vijayakar, director of energy consultancy Trifecta. International Energy Agency (IEA) on Tuesday cut its oil demand growth forecast by 100,000 barrels per day (bpd) for this year and next, to an estimated 1.5 million bpd in 2017 and 1.3 million bpd in 2018.

"The oil market faces a difficult challenge in 1Q18 with supply expected to exceed demand by 600,000 bpd followed by another, smaller, surplus of 200,000 bpd in 2Q18," the agency said. demand slowdown could mean world oil consumption may not, as many expect, breach 100 million bpd next year, while supplies are likely to exceed that level.U.S. oil production C-OUT-T-EIA has already increased by more than 14 percent since mid-2016 to 9.62 million bpd and is expected to grow further. The latest government data will be issued on Wednesday. IEA said non-OPEC production will add 1.4 million bpd of additional production in 2018.

OPEC and some non-OPEC producers including Russia have been withholding production this year to end years of oversupply. deal expires in March 2018 but OPEC will meet on Nov. 30 to discuss policy, and it is expected to agree an extension of the cuts. GRAPHIC: Global crude oil supply and demand balance.

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Monday, 13 November 2017

Best Commodity Tips
Oil markets cautious as OPEC cuts are met by rising U.S. output

Oil prices fell on Tuesday as the cautious sentiment of the past week prevailed, despite ongoing OPEC-led production cuts and Middle East tensions.Brent crude futures LCOc1 were at $62.94 per barrel at 0324 GMT, down 22 cents, or 0.35 percent, from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $56.62 per barrel, down 14 cents, or 0.25 percent.

The falls came after both crude benchmarks early last week hit highs last seen in 2015, but traders said the market had lost some momentum since then.Traders said they were cautious on betting on further price rises."Prices...are starting to look like a pause or pullback is needed," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

This sentiment comes in part on the back of rising U.S. oil output C-OUT-T-EIA , which has grown by more than 14 percent since mid-2016 to a record 9.62 million barrels per day (bpd).Fitch Ratings said in its 2018 oil outlook that it assumed 2018 "average oil prices will be broadly unchanged year-on-year and that the recent price recovery with Brent exceeding $60 per barrel may not be sustained".So far in 2017, Brent has averaged at $54.5 per barrel.

Despite the cautious sentiment, traders said oil prices would unlikely fall very far, largely due to ongoing supply restrictions led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia, which have contributed to a reduction in excess supplies. also raised its oil demand forecast, saying the world would need 33.42 million barrels per day (bpd) of OPEC crude next year, up 360,000 bpd from its previous forecast and marking the fourth consecutive monthly increase in the outlook since July.

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Sunday, 12 November 2017

Best Commodity Tips
Oil markets firm on Middle East tensions, but US drilling caps gains

Oil markets opened the week cautiously on Monday amid ongoing tensions in the Middle East and after a rising rig count in the United States suggested producers there are preparing to increase output.Brent crude futures LCOc1 were at $63.64 per barrel at 0049 GMT, up 12 cents from their last close.U.S. West Texas Intermediate (WTI) crude CLc1 was at $56.87 per barrel, up 13 cents from its last settlement.Traders said crude prices were generally well supported as ongoing output cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia have contributed to a significant reduction in excess supplies that have been dogging markets since 2014. in the Middle East raised the prospects of supply disruptions,U.S. drillers added nine oil rigs in the week to Nov. 10, the biggest jump since June, bringing the total count up to 738, General Electric (NYSE:GE) Co's GE.N Baker Hughes energy services firm said late on Friday.

crude oil exports to Asia soar, complicating OPEC's efforts

U.S. crude oil is flooding into Asia, and may continue to do so as the arbitrage window that was initially created by Hurricane Harvey remains open, even though the disruption from the costliest storm to hit the Gulf of Mexico has faded.A record amount of U.S. crude is scheduled to arrive in Asia in November, according to vessel-tracking and port data compiled by Thomson Reuters Oil Research and Forecasts.The data show 19.7 million barrels of U.S. oil is due to arrive across Asia in November, equivalent to about 657,000 barrels per day (bpd). The data are filtered to show only vessels that are currently underway, and those that are discharging or have discharged their cargoes.This is more than a 50 percent jump on the 427,000 bpd that was offloaded in Asia in October, and also above the previous record-high month for U.S. crude shipments to Asia of 541,000 bpd from June.

CHANGING MARKET DYNAMICS

While the volumes aren't enough to threaten the position of Asia's major suppliers, such as OPEC heavyweights Saudi Arabia, Iran and Iraq, as well as Russia, it is enough to complicate the efforts of OPEC and its allies to re-balance crude oil markets and send prices sustainably higher.For example, China, the world's top crude importer, has been ramping up purchases from the United States, taking the equivalent of about 127,000 bpd of U.S. crude in the first nine months of the year.While this makes the United States only China's 15th biggest supplier, it represents a staggering 880 percent increase on the same period in 2016.Other non-traditional suppliers to China have also been making inroads as OPEC and its allies acted to curb output.Imports from Malaysia are up 500 percent, those from Britain by 95 percent and from the Republic of Congo by 459 percent.In contrast, former top supplier Saudi Arabia has seen a drop of 0.6 percent in the first nine months of the year compared to the same period in 2016.

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Thursday, 9 November 2017

Best Commodity Tips
Gold Dips In Asia, But Well Supported On Middle East Tensions, APEC Eyed

Gold dipped in Asia on Friday, but remained well supported on Middle East tensions between Iran and Saudi Arabia and await a summit in Vietnam among Asia-Pacific nations.Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell 0.11% to $1,286.13 a troy ounce.Overnight, gold prices rose to three-week highs on Thursday amid a slump in the dollar on fears that the Senate would delay corporate tax cuts until 2019.

Gold prices added to gains from Wednesday’s session after the dollar fell on reports that Senate Republicans on Thursday will propose delaying a cut in the corporate tax rate from 35% to 20% until 2019.The news of a possible delay to corporate tax cuts halted recent risk-on sentiment, fueling a flight-to-safety as traders appeared to unwind their bullish bets on riskier assets which followed on expectations that President Trump’s tax-reform plans would be enacted before year-end.

Gold prices are sensitive to moves lower in the U.S. dollar – A lower dollar makes gold cheaper for holders of foreign currency, thus, increases demand.Also supporting demand for safe-haven gold was ongoing political unrest in the Middle East after Saudi Arabia advised citizens not to travel to Lebanon and urged the international community to impose fresh sanctions on Iran.

Crude Oil Dips In Asia Ahead Of Rig Count Figures, Saudi-Iran Tensions Eyed

Crude oil prices fell in Asia on Friday ahead of U.S. weekly rig count data that showed a dip in the previous week, but also with a sharp eye on the Middle East as tensions between Iran and Saudi Arabia, key OPEC members, simmer.On the New York Mercantile Exchange crude futures for December delivery eased 0.26% to $57.02 a barrel, while on London's Intercontinental Exchange, Brent dipped 0.02% to $63.80 a barrel.Overnight, crude oil prices settled higher on Thursday amid ongoing unrest in the Middle East while Saudi Arabia’s plan to slash crude exports lifted sentiment.
Saudi Arabia plans to cut its crude exports by 120,000 barrels per day in December compared with November, slashing allocations to all regions, Reuters reported Thursday, citing a energy ministry spokesman.The reports of Saudi’s plan to reduce exports came as investor fears grew of instability in the Middle East after Saudi Arabia warned its citizens not to travel to Lebanon and urged the international community to impose fresh sanctions on Iran.

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