Oil prices firm ahead of OPEC meeting, U.S. rig count-SapForex24

Oil prices moved higher on Friday, with U.S. crude on track for weekly gains of 1%, as investors looked ahead to further data on U.S. drilling activity later in the session and waited for a gathering of oil producers at the beginning of next week.

The U.S. West Texas Intermediate crude September contract gained 14 cents, or 0.30 %, to $47.06 a barrel by 4:43AM ET (8:43GMT).

Elsewhere, Brent oil for September delivery on the ICE Futures Exchange in London rose 18 cents, or 0.47%, to $49.38 a barrel.

Despite this week’s gains, oil has tumbled more than 10% year-to-date as skepticism over the capability to reduce the global supply cut caused investors to sell off black gold.

    Comex and Forex Market Update-SapForex24

The Organization of Petroleum Exporting Countries (OPEC) agreed with non-OPEC members led by Russia to cut production by 1.8 million barrels per day through March 2018 though the latest reading on compliance by OPEC members was at just 78%.

Furthermore, the production-cut agreement has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria, and a relentless increase in U.S. shale oil output.

Earlier this week, tiny producer Ecuador signaled it might not abide by the cuts, causing fears that other larger producers might follow suit.

OPEC and non-OPEC producers are scheduled to meet Monday in Russia and traders are watching for any signs that Saudi Arabia, the largest producers of crude in the world, may cut its output.

There is speculation that Saudi Arabia is considering a 1 million-barrel cut to its oil exports to offset the output rise in Libya and Nigeria.

Kuwait’s oil minister has also reportedly said that the two African nations may soon be asked to limit their production.

Monday’s gathering is a routine meeting of the Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) whose task is to monitor compliance with agreement to cut production.

Beyond what is said in the meeting itself, market players will be paying close attention to any comments on the sidelines that may indicate plans for further action to rebalance global supply.

On Friday, market participants will also eye the latest weekly data from Baker Hughes on U.S. drilling activity.

Last Friday, the energy services company reported that U.S. drillers added two oil rigs, which brought the total count up to 765,, the most since April 2015, underlining concern that the ongoing rebound in U.S. shale production is derailing efforts by other major producers to rebalance the market.

Elsewhere on Nymex, gasoline futures for August delivery advanced 0.16% at $1.6100 a gallon, while August heating oil gained 0.34% to $1.5488 a gallon.

Natural gas futures for August delivery traded down 0.33% to $3.033 per million British thermal units.

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Gold edges lower ahead of ECB decision-SapForex24

Gold prices edged lower in European trade on Thursday, as market players awaited the outcome of the European Central Bank’s meeting for fresh clues on when it will start to shift away from its ultra-easy policy.

Comex gold futures were at $1,238.68 a troy ounce by down $3.30, or around 0.3%. Gold prices finished a few cents higher on Wednesday, extending their streak of gains to a fourth session.

The ECB’s latest interest rate decision is due at 1145GMT (7:45AM ET) on Thursday, with no big changes expected.

Most of the focus will be on President Mario Draghi’s press conference 45 minutes after the announcement, as investors look for more clues on when and how the ECB could scale back its massive quantitative easing program.

Market experts believe the central bank is likely to wait until September before announcing a tapering of its 60 billion euros of monthly asset purchases.

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Earlier in the session, the Bank of Japan kept monetary policy steady as a two-day meeting concluded. The central bank also cut its inflation forecasts for fiscal years 2017/2018 and 2018/2019.

Besides central banks, investors will focus on U.S. data due later in the session to gauge the strength of the world’s largest economy and how it will impact the Fed’s view on monetary policy.

Weekly jobless claims and the Philadelphia Fed manufacturing survey are both due at 8:30AM ET (12:30GMT).

Gold prices have been well-supported in recent sessions amid fading expectations for another rate hike by the Federal Reserve this year.

Futures traders are pricing in less than a 40% chance of a rate hike by December, according to Investing.com’s Fed Rate Monitor Tool, as recent dovish comments from Chair Janet Yellen and soft inflation data raised doubts over whether policymakers will be able to stick to their planned tightening path.

The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

Also on the Comex, silver futures dipped 11.1 cents, or roughly 0.7%, to $16.18 a troy ounce, after hitting a more than two-week high of $16.34 a day earlier.

Among other precious metals, platinum was down 0.4% at $920.50, while palladium dipped 0.5% to $855.23 an ounce.

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Oil prices slip ahead of U.S. supply update-SapForex24

Oil prices were a bit lower in European trade on Wednesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products later in the global day.

The U.S. West Texas Intermediate crude August contract was at $46.36 a barrel by 3:39AM ET (0730GMT), down 4 cents, or around 0.1%. It touched its highest since July 5 at $47.14 in the prior session.

Elsewhere, Brent oil for September delivery on the ICE Futures Exchange in London dipped 4 cents to $48.80 a barrel, after touching a two-week peak of $49.41 a day earlier.

The U.S. Energy Information Administration will release its official weekly oil supplies report at 10:30AM ET (1430GMT).

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Analysts expect crude oil inventories dropped by around 3.2 million barrels at the end of last week, while gasoline supplies are seen decreasing by 655,000 barrels and distillates are forecast to gain about 1.2 million barrels.

After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories rose by 1.6 million barrels in the week ended July 14. The API report also showed a sizable decline of 5.5 million barrels in gasoline stocks, while distillate stocks rose by 2.9 million barrels.

There are often sharp divergences between the API estimates and the official figures from EIA.

Oil prices finished higher on Tuesday, boosted by speculation of possible output curbs in Libya after the head of Libya’s National Oil Corporation said he plans to attend a meeting of global crude producers in Russia on July 22 to share his country’s production plans.

In May, OPEC and some non-OPEC producers extended a deal to cut 1.8 million barrels per day in supply until March 2018. So far, the agreement has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria.

Elsewhere on Nymex, gasoline futures for August was little changed at $1.588 a gallon, while August heating oil held steady at $1.512 a gallon.

Natural gas futures for August delivery shed 0.9 cents to $3.079 per million British thermal units.

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Forex – Sterling sheds day’s gains as UK inflation slows-SapForex24

The pound fell to the day’s lows on Tuesday, shedding early gains after data showing that the annual rate of inflation in Britain fell for the first time since October last month.

GBP/USD was down 0.25% to 1.3024 , off an earlier high of 1.3125.

The Office for National Statistics said consumer prices rose 2.6% in June, down from an almost four-year high of 2.9% in May.

Economists had expected the inflation rate to remain unchanged.
It was the largest decline in inflation since February 2015, easing pressure on the Bank of England to raise interest rates.

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Inflation has accelerated sharply since last year’s Brexit vote as the steep fall in sterling pushed up import prices, leading to fears over a squeeze on living standards with wages lagging rising prices.

The BoE is to hold its next policy meeting on August 3. At the bank’s June meeting three policymakers voted in favor of hiking rates, although one of those officials has since left.

Sterling was at the day’s lows against the euro, with EUR/USD advancing 0.66% to 0.8850.

Meanwhile, the U.S. dollar was at 10-month lows against a basket of the other major currencies, after an attempt to pass healthcare reform collapsed and investors remained doubtful over the Federal Reserve’s rate hike plans.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.33% to 94.61.
The index touched an overnight low of 94.50, the lowest trough since September 9, 2016.

A second attempt by Republicans to replace Obamacare collapsed late Monday, delivering a major policy blow to the Trump administration.

Around half of the cuts in health-care spending were earmarked to finance proposed tax cuts. The failure to deliver healthcare reform added to disappointment over the progress of President Donald Trump’s economic agenda.

The dollar was already on the defensive after Friday’s weak U.S. inflation and retail sales data added to doubts that the Fed will be able to raise interest rates again this year.

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Gold flat with inflation and consumer data on tap-SapForex24

Gold prices traded around the unchanged mark on Friday as investors looked ahead to key data on inflation and the state of the American consumer out later in the session. On the Comex division of the New York Mercantile Exchange, gold for August delivery slipped just 4 cents to $1.217.25 a troy ounce by 3:59AM ET (7:59GMT). Gold was on track for weekly gains of 3% Friday in what would be its first positive close out of three. Remarks from Federal Reserve (Fed) chair Janet Yellen in her testimony to Congress this week suggested that the pace of future rate hikes would be gradual while weak inflation data lifted sentiment for the precious metal.

        Comex Market News Update-SapForex24

Gold has fallen on the back expectations that the U.S. central would continue raising its key benchmark rate, decreasing investor demand for gold, as a rising interest environment increases the opportunity cost of holding the non-interest bearing precious metal. Still ahead on the economic calendar, June inflation figures will be released at 8:30AM ET (1230GMT) Friday. Market analysts expect consumer prices to ease up 0.1%, while core inflation is forecast to increase 0.2%. On a yearly base, core CPI is projected to climb 1.7%. Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories. The central bank usually tries to aim for 2% core inflation or less. Rising inflation would be a catalyst to push the Fed toward raising interest rates. At the same time Friday, the Commerce Department will publish data on June retail sales. The consensus forecast is that the report will show retail sales rose 0.1% last month. Core sales are forecast to inch up 0.2%. Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy. Consumer spending accounts for as much as 70% of U.S. economic growth. Investors will also watch industrial production for June, as well as the preliminary Michigan consumer sentiment for July. The greenback edged down Friday, showing caution ahead of the data dump. The U.S. dollar index, which measures the greenback’s strength against a trade- Elsewhere in metals trading, silver was down 0.46% at $15.619 a troy ounce. Platinum inched up 0.03% at $907.40 a troy ounce, while palladium gained 0.20% to $856.42 a troy ounce. Copper rose 0.24% to $2.668 a pound. For More Information Whatsapp@ +91-9981999934 or Visit Here@ http://sapforex24.com/

Oil rises above $48 as API reports drop in U.S. fuel stocks | SapForex24

Oil rose above $48 a barrel on Wednesday in response to a fall in U.S. fuel inventories and a cut in the U.S. government’s forecast for crude output next year which raised hopes that a supply glut is easing.

U.S. crude inventories fell by 8.1 million barrels, industry group the American Petroleum Institute said on Tuesday, much more than the forecast.
Official inventory data from the Energy Information Administration is due at 1430 GMT.

Brent crude, the global benchmark, was up 86 cents, at $48.38 a barrel by 0824 GMT. U.S. crude gained 93 cents to $45.97.

“While further upside could be expected in the short term amid the speculations of a cut in U.S production, gains may be limited by the firm oversupply dynamics of the markets,” FXTM analyst Lukman Otunuga said.

             Forex Market News Update-SapForex24

The U.S. crude stocks drop will raise hopes that a long-awaited market rebalancing is under way. A supply glut has stuck around for three years, despite an OPEC-led output cut in 2017, keeping oil at less than half its price of mid-2014.

Also supporting prices, the EIA said on Tuesday it expected U.S. crude oil production to rise by less than previously forecast next year due to a lower price outlook.

The lower 2018 forecast of 9.9 million barrels per day will ease concerns that the OPEC-led supply cut will lead to a flood of competing U.S. shale supplies, swamping the OPEC effort.

Still, output of 9.9 million bpd would be a record for U.S. production.
The supply cut led by the Organization of the Petroleum Exporting Countries has lent prices some support, but in recent weeks rising output from Libya and Nigeria – OPEC members exempt from the deal – has pushed supply higher.

OPEC production has risen in June by more than 300,000 barrels per day, (bpd) according to figures seen by Reuters that the exporter group uses to monitor its supply, as more oil from the exempt countries countered high compliance by many others.

Top exporter Saudi Arabia plans to export less. A Saudi industry source said on Wednesday Riyadh planned to cut shipments in August by more than 600,000 bpd, taking exports for that month to their lowest level this year, to balance a seasonal rise in domestic use.

The latest OPEC monthly report, containing June production figures, is scheduled to be published later on Wednesday.

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Forex – Dollar at 2-month highs vs. yen after U.S. jobs report-SapForex24

The dollar was trading at two-month highs against the yen on Monday after a stronger-than-forecast U.S. jobs report indicated that the Federal Reserve would stick to plans for a third rate hike this year.

The U.S. economy added 222,000 jobs last month the Labor Department reported on Friday, more than the 179,000 new jobs expected by economists.

The rapid pace of jobs growth reassured investors that the economy is on a strong enough footing to justify the Fed’s plans to raise interest rates once more this year.

The Fed hiked rates at its June meeting and stuck to its forecast for one more rate hike this year, but concerns over subdued inflation outlook had raised doubts over whether officials would be able to stick to their planned tightening path.

FOREX and COMEX MARKET UPDATE-SAPFOREX24

In Japan, data on Monday showed that core machinery orders unexpectedly fell for the first time in eight months in May, raising doubts that the economic recovery is losing momentum.

Meanwhile, Bank of Japan Governor Haruhiko Kuroda in a speech overnight reiterated that the bank is resolved to keep its stimulus program in place until inflation is in line with its 2% target.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 95.77.

The euro was little changed against the dollar, with EUR/USD at 1.1403.
The single currency rose to 17-month highs against the yen, with EUR/JPY climbing 0.31% at 130.29.

Sterling was steady against the dollar, with GBP/USD at 1.2897, not far from Friday’s low of 1.2866.

Elsewhere, the Canadian dollar eased, but remained within striking distance of Friday’s 10-month highs, with USD/CAD at 1.2890.

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