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☆ Gold stalls as Fed caution keeps investors at bay
▼ + stars: | 2023-09-20 | by ( ) www.cnbc.com time to read: +2 min

Bars of gold are seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023. Gold prices were subdued on Wednesday as investors remained cautious ahead of the Federal Reserve's policy decision, where the U.S. central bank is expected to stay put on interest rates, but prospects loom for further hikes later this year. Spot gold was down 0.1% at $1,929.86 per ounce by 0517 GMT, holding below its highest level since Sept. 5 reached on Tuesday. The Fed's rate-setting policy committee will release a new policy statement and interest rate decision at 1800 GMT, with Fed Chair Jerome Powell scheduled to hold a press conference at 1830 GMT. A more hawkish Fed on the back of stronger-than-expected August U.S. CPI and PPI data released last week should see downside risk to gold prices, NAB Commodities Research said in a note.

Persons: Jerome Powell, Jun Rong, Janet Yellen, Wang Tao Organizations: Treasury, Fed, IG, CPI, PPI, NAB Commodities Research Locations: Moscow, Russia, ., U.S

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices -dataBuoyant heating oil lifts crude prices -analystChinese economy and US rate risk continues to weighLONDON, Aug 21 (Reuters) - Oil prices edged higher on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concern over global demand growth. Brent crude was up 52 cents to $85.32 a barrel at 1348 GMT and U.S. West Texas Intermediate crude was up 65 cents at $81.90. A weaker dollar makes oil purchases less expensive for holders of other currencies, potentially boosting demand. Another bullish factor is the high price of heating oil, which is in focus as the northern hemisphere approaches darker months, said John Evans of oil broker PVM. However, what is like trying to hit a "flying insect with a bazooka" is determining whether the buoyant heating oil market is enough to rally the oil complex or just hold it in the face of broader macroeconomic concerns, he said.

Persons: Lucy Nicholson, Brent, Warren Patterson, ING's, John Evans, Natalie Grover, Paul Carsten, Florence, Mohi Narayan, David Goodman, Mark Potter Organizations: REUTERS, . West Texas, of, Petroleum, Thomson Locations: Bakersfield , California, China, Saudi Arabia, Russia, OPEC, Saudi, London, Florence Tan, Singapore, New Delhi

☆ Oil up 1% on tighter supplies and heating oil prices
▼ + stars: | 2023-08-21 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices -dataBuoyant heating oil lifts crude prices -analystChinese economy and US rate risk continues to weighLONDON, Aug 21 (Reuters) - Oil prices rose more than 1% on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concern over global demand growth. A weaker dollar makes oil purchases less expensive for holders of other currencies, potentially boosting demand. Another bullish factor is the high price of heating oil, which is in focus as the northern hemisphere approaches darker months, said John Evans of oil broker PVM. However, what is like trying to hit a "flying insect with a bazooka" is determining whether the buoyant heating oil market is enough to rally the oil complex or just hold it in the face of broader macroeconomic concerns, he said. "Unless there's a recession and demand slows or drops, OPEC+ is in control," said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore.

Persons: Lucy Nicholson, Brent, Warren Patterson, ING's, John Evans, Stefano Grasso, Natalie Grover, Paul Carsten, Florence, Mohi Narayan, David Goodman Organizations: REUTERS, . West Texas, of, Petroleum, Thomson Locations: Bakersfield , California, China, Saudi Arabia, Russia, OPEC, Saudi, 8VantEdge, Singapore, London, Florence Tan, New Delhi

☆ Oil edges up on tighter supplies, heating oil prices
▼ + stars: | 2023-08-21 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices - dataBouyant price of heating oil lifts crude prices - analystChina economic sentiment, US rate hike risk continues to weighLONDON, Aug 21 (Reuters) - Oil prices edged higher on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concerns about global demand growth amid high interest rates. The September WTI contract expires on Tuesday and the more active October contract gained 78 cents to $81.44 a barrel. As well, "the dollar seems to be taking somewhat of a breather, which would be providing some support," he said. A weaker dollar makes oil purchases less expensive for holders of other currencies, sparking demand. Also supporting crude is the buoyant price of heating oil, which is in focus as the northern hemisphere approaches darker months, said John Evans of oil broker PVM.

Persons: Lucy Nicholson, Brent, Warren Patterson, ING's, John Evans, Stefano Grasso, Natalie Grover, Florence, Mohi Narayan, Shri Navaratnam, Tom Hogue Organizations: REUTERS, U.S, West Texas, Organization of, Petroleum, Thomson Locations: Bakersfield , California, China, Saudi Arabia, Russia, OPEC, Saudi, 8VantEdge, Singapore, London, Florence Tan, New Delhi

☆ Gold at 5-month low as rallying U.S. yields bolster dollar
▼ + stars: | 2023-08-17 | by ( ) www.cnbc.com time to read: +2 min

Spot gold held its ground at $1,893 an ounce, as of 0335 GMT, having dropped to its weakest level since March 15 at $1,888.30. Benchmark 10-year U.S. Treasury yields hit a 10-month high, boosting the dollar to its highest level since mid-June and drawing investors away from non-interest-bearing gold. "Whilst the FOMC minutes saw the U.S. dollar and yields strengthen further to weigh on gold, there are tentative signs of stability for spot gold prices today," said Matt Simpson, a senior analyst at City Index. Reuters technical analyst Wang Tao says spot gold may fall to $1,879 per ounce, as it has broken two key supports. Upside to gold prices will likely need delivery of rate cuts expected in 2024, they added.

Persons: Matt Simpson, Wang Tao Organizations: Aurum, U.S ., Treasury, Federal Reserve, Reuters, NAB Commodities Research, Palladium

☆ Gold under pressure from elevated U.S. dollar, bond yields
▼ + stars: | 2023-08-15 | by ( ) www.cnbc.com time to read: +2 min

Gold prices eased on Tuesday as the dollar benefited from elevated bond yields and China's economic concerns, with markets now looking ahead to U.S. retail sales data that could shed light on the impact of higher rates on consumer spending. Gold prices fell as the U.S. dollar and Treasury yields were pushed higher, with investors assessing potential policy actions from Chinese regulators to address mounting financial and property risk, according to NAB Commodities Research. U.S. 10-year Treasury yields were near their highest levels since November. Attention is now turning to U.S. retail sales data due later in the day and the Federal Reserve's July policy meeting minutes on Wednesday. Sabrin Chowdhury, head of commodities at BMI, expects a boost in gold prices, lately under pressure from a strong U.S. dollar, only towards the last quarter of 2023.

Persons: Sabrin Chowdhury, Janet Yellen, Joe Biden's Organizations: U.S ., Treasury, NAB Commodities Research, U.S, BMI Locations: China's, U.S

☆ Goldman Sachs' Jeff Currie, who predicted commodities supercycle, to retire
▼ + stars: | 2023-08-07 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

NEW YORK, Aug 7 (Reuters) - Goldman Sachs' (GS.N) global head of commodities research Jeff Currie, a prominent analyst who accurately predicted a surge in commodity prices in the 2000s, is retiring, according to a memo seen by Reuters. Julian Salisbury, chief investment officer of its asset and wealth management arm, is departing to join investment firm Sixth Street, according to an announcement last month. His forecast was borne out in what would become known as the commodities supercycle, during which crude oil surged to record highs in 2008. More recently, Currie revived his prediction for another supercycle fuelled by pandemic stimulus measures and rebounding economic activity. Currie joined Goldman in 1996 and was promoted to managing director in 2002, then partner in 2008.

Persons: Goldman Sachs, Jeff Currie, Currie, Julian Salisbury, Jan Hatzius, Goldman, Dina Powell McCormick, Lisa Opoku, Saeed Azhar, Lananh Nguyen, Sam Holmes Organizations: Reuters, Sixth, Reuters Commodities Summit, University of Chicago's Energy Policy Institute, Goldman, Thomson

☆ Oil dips more than 1% as Chinese GDP dents demand hopes
▼ + stars: | 2023-07-17 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

China's gross domestic product (GDP) grew 6.3% year-on-year in the second quarter, compared with analyst forecasts of 7.3%, as its post-pandemic recovery lost momentum. "The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. Oil briefly rose after a Reuters news alert on Saudi Arabia extending a voluntary output cut. Oil also came under pressure on Monday from the resumption of output at two of three Libyan fields shut last week. Output had been halted by a protest against the abduction of a former finance minister.

Persons: Warren Patterson, ING's, Brent, Dennis Kissler, Arathy Somasekhar, Alex Lawler, Florence Tan, Mohi Narayan, David Goodman, Mike Harrison, Barbara Lewis Organizations: . West Texas, BOK Financial, Oil, Thomson Locations: HOUSTON, China, Saudi Arabia, Moscow, Houston

☆ Oil slides more than 1% as Chinese GDP dents demand hopes
▼ + stars: | 2023-07-17 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

"The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. "China data was always looked forward to with a degree of hope; well, for bulls anyway," John Evans of oil broker PVM said in a report. Oil briefly rose after a Reuters news alert on Saudi Arabia extending a voluntary output cut. Oil also came under pressure on Monday from the resumption of output at two of the three Libyan fields that were shut last week. Reporting by Alex Lawler Additional reporting by Florence Tan and Mohi Narayan Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Warren Patterson, ING's, Brent, John Evans, PVM, Oil, Alex Lawler, Florence Tan, Mohi Narayan, David Goodman Organizations: . West Texas, Thomson Locations: China, Saudi Arabia, Libya, Nigeria, Moscow

2 oil consumer, while Libya resumed production on the weekend. "The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. "Apparent oil demand grew at a strong pace year on year, but the market seems focused on the headline (GDP) numbers," Patterson said. "They are stockpiling crude at low prices, and waiting for recession to hit the West before going full on with stimulus," Grasso said. Reporting by Florence Tan and Mohi Narayan; Editing by Tom Hogue and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: China's, Warren Patterson, ING's, Patterson, Stefano Grasso, Grasso, El, Vandana Hari, Hari, Florence Tan, Mohi Narayan, Tom Hogue, Sonali Paul Organizations: Brent, U.S . West Texas, National Bureau, Statistics, Shell, Vanda Insights, Thomson Locations: China, Libya, U.S, Beijing, 8VantEdge, Singapore, Nigerian, Russia, Moscow, Saudi Arabia

☆ Oil slips on weak China GDP data, resumption of Libya output
▼ + stars: | 2023-07-17 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

2 oil consumer as Libya resumed production over the weekend. "The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. "Apparent oil demand grew at a strong pace year on year, but the market seems focused on the headline (GDP) numbers," Patterson said. "They are stockpiling crude at low prices, and waiting for recession to hit the West, before going full on with stimulus," Grasso said. In Russia, oil exports from western ports are set to fall by some 100,000-200,000 bpd next month from July, a sign Moscow is making good on a pledge for fresh supply cuts in tandem with OPEC leader Saudi Arabia, two sources said on Friday.

Persons: Warren Patterson, ING's, Patterson, Stefano Grasso, Grasso, El, Florence Tan, Sonali Paul, Tom Hogue Organizations: Brent, U.S . West Texas, National Bureau, Statistics, Shell, Thomson Locations: China, SINGAPORE, Libya, U.S, Beijing, 8VantEdge, Singapore, Nigerian, Russia, Moscow, Saudi Arabia

☆ Oil dips over 1.5% on demand fears after weak Chinese data
▼ + stars: | 2023-07-17 | by ( ) www.cnbc.com time to read: +2 min

A very large oil tanker docked at the 300,000-ton crude oil terminal at Yantai Port in Yantai, Shandong province, China, June 16, 2023. Oil dropped by more than 1.5% on Monday after weaker than expected Chinese economic growth raised doubts over the strength of demand in the world's second biggest oil consumer, and a partial restart of halted Libyan output also pressured prices. "The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. Oil briefly rose after a Reuters news alert on Saudi Arabia extending a voluntary output cut. Oil also came under pressure on Monday from the resumption of output at two of three Libyan fields shut last week.

Persons: Warren Patterson, ING's, Brent, Dennis Kissler Organizations: . West Texas, BOK Financial, Oil, Energy, Administration Locations: Yantai, Shandong province, China, Saudi Arabia, Moscow

☆ We're missing investments across the entire commodity complex, says Goldman Sachs' Jeff Currie
▼ + stars: | 2023-07-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're missing investments across the entire commodity complex, says Goldman Sachs' Jeff CurrieJeff Currie, Goldman Sachs global head of commodities research, joins 'Squawk Box' to discuss the state of the global energy market, why investors aren't embracing the the latest oil rally, and more.

Persons: Goldman Sachs, Jeff Currie Jeff Currie

The benchmark September contract for cocoa in London gained more than 2% on Wednesday to 2,590 pounds per metric ton. Prices are rising in reaction to a tight market for cocoa beans, which are mainly produced in Ivory Coast and Ghana. Arrivals of cocoa at Ivory Coast ports for export are down nearly 5% this season. The International Cocoa Organization (ICCO) widened this month its forecast for a global deficit on cocoa supply from 60,000 metric tons previously to 142,000 metric tons. Arabica coffee settled down 5 cents, or 3%, at $1.6195 per lb, while robusta coffee fell $99, or 3.6%, at $2,616 a metric ton.

Persons: Leonardo Rosseti, Rosseti, Maytaal, Mark Potter, David Gregorio Our Organizations: YORK, Intercontinental Exchange, International Cocoa Organization, StoneX, Refinitiv Commodities Research, Thomson Locations: London, West Africa, Ivory Coast, Ghana, West, New York

☆ Goldman Sachs' Jeff Currie on cutting oil price forecast: The near-term upside has been taken out
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs' Jeff Currie on cutting oil price forecast: The near-term upside has been taken outJeff Currie, Goldman Sachs global head of commodities research, joins 'Squawk Box' to discuss the investment bank cutting its oil price forecast by nearly 10% as Russian supply recovers, and more.

Persons: Goldman Sachs, Jeff Currie

☆ Goldman Sachs slashes oil price forecast by nearly 10% as Russian supply recovers
▼ + stars: | 2023-06-12 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Goldman Sachs analysts slashed their oil price forecast by almost 10% on the back of whey they see as increasing supply and slower demand for crude. In the same report, Goldman also revised down its WTI forecast for December from $89 per barrel to $81. Overall, the oil cartel made no changes to its planned oil production cuts for the rest of the year. "Significant supply beats from Iran and Russia have driven speculative positioning to near record-lows," Goldman analysts led by the bank's Global Head of Commodities Research Jeffrey Currie said in the research report. Russia's oil production has remained resilient even in the face of Western sanctions, with Deputy Energy Minister Pavel Sorokin in April ascertaining that Moscow's oil production will remain stable until 2025, according to the Neftegazovaya Vertikal magazine.

Persons: Goldman Sachs, Goldman, Commodities Research Jeffrey Currie, Pavel Sorokin Organizations: Commodities Research, Deputy Energy Locations: Saudi Arabia, Iran, Russia

☆ Oil will once again be profitable when market destocking runs out, says Goldman Sachs' Jeff Currie
▼ + stars: | 2023-06-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil will once again be profitable when market destocking runs out, says Goldman Sachs' Jeff CurrieJeff Currie, Goldman Sachs global head of commodities research, joins 'The Exchange' to discuss the bull case for energy markets, consequences of inventory liquidation, and factors driving weak performance in oil.

Persons: Goldman Sachs, Jeff Currie Jeff Currie Organizations: Email

SummarySummary Companies China May PMI contracts more than expectedUS debt ceiling bill comes up for vote on WednesdaySaudi Arabia may cut July crude price - Reuters pollMay 31 (Reuters) - Oil prices extended losses early on Wednesday as worries of slowing demand from top oil importer China after the release of weaker-than-expected economic data outweighed some positive progress on the U.S. debt ceiling bill. If passed, the Biden administration would not likely need to negotiate the debt ceiling again before the November 2024 presidential election, Dhar said. Traders were uncertain about whether the group would increase output cuts as a slump in prices weighs on the market. Saudi Arabian Energy Minister Abdulaziz bin Salman last week warned short sellers betting oil prices would fall to "watch out" in a possible signal that OPEC+ may cut output. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning toward leaving output unchanged.

Persons: Brent's, Vivek Dhar, Joe Biden, Kevin McCarthy, Biden, Dhar, Abdulaziz bin Salman, Alexander Novak, Stephanie Kelly, Trixie Yap, Himani Sarkar, Jamie Freed Organizations: PMI, Wednesday, Reuters, Brent, U.S, West Texas, Commonwealth Bank of Australia, Organization of, Petroleum, Traders, Saudi Arabian Energy, Saudi Aramco, OPEC, Thomson Locations: Wednesday Saudi Arabia, China, U.S, Russia, OPEC, Asia, Saudi Arabia

☆ Oil's sharp slide has surprised markets. But some traders now see a bottom for prices
▼ + stars: | 2023-05-08 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Oil prices saw three consecutive weekly declines last week, marking the longest losing run this year. The recent slide in oil prices is starting to bottom out, according to analysts who predict that a more significant pickup in the coming quarters is in the cards. Oil prices saw their third consecutive weekly decline last week, marking the longest losing run this year. The production declines prompted some analysts to warn prices could surge to triple digits, which failed to materialize. "We're looking more positively at the second and third quarter than what's happened in the first quarter," Morse said.

☆ Oil edges higher as tighter supply looms, growth concerns weigh
▼ + stars: | 2023-04-10 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

"I am in the latter camp and still see prices moving higher from here as we go through the year." Adding to tightness in supply has been a shutdown of Iraq's northern exports. A deal was signed last week to restart the flows, but as of Thursday they hadn't resumed. Oil also drew support from a steeper-than-expected drop in U.S. crude inventories last week, as well as a decline in gasoline and distillate stocks, hinting at rising demand. Also coming up are monthly reports from OPEC on Thursday and the International Energy Agency on Friday, which will update oil demand and supply forecasts.

☆ Oil steadies as tighter supply balances growth concerns
▼ + stars: | 2023-04-10 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Brent crude slipped 3 cents to $85.09 a barrel by 0816 GMT, while U.S. West Texas Intermediate crude gained 8 cents to $80.78. "I am in the latter camp and still see prices moving higher from here as we go through the year." Adding to tightness in supply has been a shutdown of Iraq's northern exports. Oil also drew support from a steeper-than-expected drop in U.S. crude inventories last week, as well as a decline in gasoline and distillate stocks, hinting at rising demand. In global financial markets, a U.S. inflation report to be released on Wednesday could help investors gauge the near-term trajectory for interest rates.

Companies Baker Hughes Co FollowApril 10 (Reuters) - Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand. The group known as OPEC+ will be cutting mostly sour crude supplies from Middle East producers led by Saudi Arabia. Following the announcement, the world's top oil exporter raised its May crude prices to term customers in Asia and the United States. Separately, investors are watching the progress of talks between Iraq and Kurdistan to restart northern oil exports which could bring more sour crude to the global market. Sharp rate hikes have boosted the greenback, making dollar-denominated commodities such as oil more expensive for investors holding other currencies.

☆ Oil steady as investors weigh tighter supply vs. growth outlook
▼ + stars: | 2023-04-10 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Companies Baker Hughes Co FollowSINGAPORE, April 10 (Reuters) - Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand. The group known as OPEC+ will be cutting mostly sour crude supplies from Middle East producers led by Saudi Arabia. Following the announcement, the world's top oil exporter raised its May crude prices to term customers in Asia and the United States. Separately, investors are watching the progress of talks between Iraq and Kurdistan to restart northern oil exports which could bring more sour crude to the global market. Sharp rate hikes have boosted the greenback, making dollar-denominated commodities such as oil more expensive for investors holding other currencies.

☆ Oil steady as investors weigh tighter supply versus growth outlook
▼ + stars: | 2023-04-10 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand. The group known as OPEC+ will be cutting mostly sour crude supplies from Middle East producers led by Saudi Arabia. Following the announcement, the world's top oil exporter raised its May crude prices to term customers in Asia and the United States. Separately, investors are watching the progress of talks between Iraq and Kurdistan to restart northern oil exports which could bring more sour crude to the global market. Sharp rate hikes have boosted the greenback, making dollar-denominated commodities such as oil more expensive for investors holding other currencies.

☆ The prospect for oil prices will be on the downside rather than the up, says Citi's Ed Morse
▼ + stars: | 2023-04-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe prospect for oil prices will be on the downside rather than the up, says Citi's Ed MorseEd Morse, Citi global head of commodities research and managing director, joins 'Power Lunch' to discuss services leading China's recovery, declining U.S. demand for oil, and the global natural gas export market.

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