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Oil and gold head lower January 14, 2021SharePrint Profit-taking hits oil prices Oil prices beat a modest retreat overnight with official US Crude Inventory data broadly neutral. Headline crude inventories fell more than expected, but distillate and gasoline inventories rose more than expected. That was enough to spark speculative longs to lock in some profits with Brent crude and WTI’s relative strength indices (RSIs) having been in overbought territory for most of this week. Brent crude eased 1.25% to USD56.00 a barrel, and WTI fell 0.80% to USD52.85 a barrel. Both contracts remain unchanged in Asia. With gas prices still at record highs in Asia, oil is unlikely to retreat far in today’s session. ....
The return of the Queen January 14, 2021SharePrint The Trump impeachment vote was overshadowed by momentous scenes at 0530 this morning in South Jakarta, as Queen Cricket returned to her palace. The unannounced royal trip, lasting two nights, led to frantic searches of the wider realm by her servants. Her feline highness announced her arrival loudly at the front door of the palace in the early hours. In other news, financial markets diverged once again overnight. US equities traced out a modestly positive day with technology outperforming as usual. US yields fell overnight after an excellent bid to cover ratio for the 30-year bond auction overnight. That appeared to assuage inflationista’s after US inflation printed right on expectations at 1.40%. Interestingly, the US dollar rose overnight, perhaps buoyed by bond inflows after a very heavy issuance by the US Treasury this week. That pushed gold slightly lower and sparked some profit-taking in oil. ....
Powell React: Fed dovish stance affirmed January 14, 2021SharePrint Powell sends a dovish message to markets US stocks held onto miniscule gains following Fed Chair Powell’s dovish hold as investors await details of President-elect Biden’s stimulus package. Depending on how this plan is pieced will determine if this stimulus will get a fast track or have to go through the reconciliation process. The boosting of stimulus checks to USD2,000, expanding unemployment benefits and throwing everything at fighting COVID should receive much support from Republicans. The Blue Wave does not solve all as state and local aid assistance will still require 60 Senate votes. ....
Oil rally peters out, gold pares losses, bitcoin surges January 14, 2021SharePrint Oil runs out of steam Crude’s steady ride higher appears to be running out of gas. Much of the rebound in oil prices has been vaccine optimism, bearish dollar bets that is boosting commodities across the board, and as the Saudis lead the charge to drain global oil stockpiles. Risky assets, including crude prices, are also benefiting from expectations the Biden administration’s looming stimulus package announcement is just the beginning of fiscal support that he will deliver. Oil was unfazed from the latest OPEC monthly report that saw no changes in both the 2021 world oil supply and demand forecasts. World oil demand is forecasted to rise by 5.9 million bpd for a total of 95.9 million bpd. If J&J’s COVID vaccine gets the nod and has a successful rollout, that will help the second half of the year outlook for crude demand. ....