Indian Indices
Global Indices
Commodity (SPOT)
Currency (SPOT)
06 Dec 2016 | 4:58 PM
Research Report
Weekly

Commodity Research Report: Metals and Energy Weekly Report

Inventories of crude oil rose by 2.6 million barrels in the week ended Nov. 8, according to the Energy Information Administration. Gasoline inventories fell by 800,000 barrels, exceeding expectations for a 700,000-barrel draw. Gasoline stocks have dropped for five straight weeks and are at their lowest point since Nov. 23, 2012. Heating oil and diesel supplies declined by 500,000 barrels, less than the 1 million barrels that analysts and traders had expected.
18 Nov 2013 | 10:00 AM

Highlights:
  • Inventories of crude oil rose by 2.6 million barrels in the week ended Nov. 8, according to the Energy Information Administration. Gasoline inventories fell by 800,000 barrels, exceeding expectations for a 700,000-barrel draw. Gasoline stocks have dropped for five straight weeks and are at their lowest point since Nov. 23, 2012. Heating oil and diesel supplies declined by 500,000 barrels, less than the 1 million barrels that analysts and traders had expected.
  • The number of Americans applying for unemployment benefits slipped 2,000 last week to a seasonally adjusted 339,000, the fifth straight decline that shows businesses see little need to cut jobs.
  • The Labor Department said Thursday that the less volatile four-week average fell 5,750 to 344,000. The average has dropped 11% in the past year.
  • The U.S. trade deficit widened more than expected in September, to $-41.8 billion, an increase of 8%. It's the largest deficit in four months. Imports reached their highest level since November 2012.
  • The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended Nov. 8 rose by 20 billion cubic feet, in line with expectations for an increase of 21 billion cubic feet.
  • Janet Yellen, nominated to be the next chairman of the Federal Reserve, said the economy and labor market are performing “far short of their potential” and must improve before the Fed can begin reducing monetary stimulus.
  • The remarks showed Yellen is committed to the central bank’s strategy of attempting to boost the economy and lower 7.3 percent unemployment, more than four years after the economy began to recover from the longest and deepest recession since the Great Depression. She also signaled support for capital and liquidity rules to help reduce the perception that some banks are too big to fail.
  • Yellen in her testimony publicly voiced her views for the first time in seven months on the unprecedented monetary stimulus that she’s supported and that some lawmakers have used to justify voting against her.
  • Industrial output slipped 0.1 percent last month after advancing 0.7 percent in September, the Federal Reserve said on Friday. The drop in October was the first since July. U.S. industrial production unexpectedly fell in October as output at power plants and mines declined, but a third straight month of gains in manufacturing suggested the economy remained on a moderate growth path.
 
Week ahead: Gold (Buy)
  • Comments from Janet Yellen on continuing current monetary stimulus to support economy may underpin bullion prices in short term. Gold has benefitted from U.S bond buying programme.
  • The U.S. trade deficit widened more than expected in September, to $-41.8 billion, an increase of 8%. It's the largest deficit in four months. This is also expected to support gold prices.
  • Rupee depreciated against a dollar last week and the domestic currency may lose more in near term, increasing landed cost of gold in India.
  • Indian wedding season is underway and this may generate some demand in the country as India buys huge quantity of gold during this period.
Regenerate OTP
Thank You for your interest in Religare Online. Our Representative will get in touch with you shortly.