Market Pulse - Commodities
Commodities: Natural gas bounces, Bitcoin continues to drift lower
Commodity prices were resurgent at the end of the week as natural gas futures bounced back from the sharp losses endured during the prior session.
'I think we'll have a deal (with China),' Trump says
Wall Street's main market gauges flickered into life on Friday afternoon in New York, reversing early losses and moving into the green, on the heels of upbeat remarks from the US President regarding the chances of his administration being able to strike a trade deal with Beijing.
Canaccord cuts target price on 'optimistic' Premier
Analysts at Canaccord Genuity lowered their target price on British oil and gas outfit Premier Oil on Friday, noting the firm's current projections may be "a little optimistic" given the recent oil price weakness.
Cryptocurrencies drop 12% to hit a one-year low
Cryptocurrencies were adding to their Wednesday plunge with the best-known of them, Bitcoin, down 12. 61% to $5,428.
US should hike foreign investment to curb China influence, says Congress report
A report from a US congressional commission recommends that Washington fund infrastructure in developing nations in order to counter Chinese financing deals.
Touchstone Exploration swings to profit after production jumps
Touchstone Exploration reported on Wednesday that it swung to a profit in the third quarter as the Trinidadfocused oil and gas company benefitted from increased production and rising oil prices.
Saudi makes case for 1.0m b/d cut in crude oil output
Riyadh and its allies should cut their combined output of crude oil in order to balance the market, Saudi Arabia believes, but it remains to be seen if other producers will participate in any reductions.
Russian GDP slows more-than-expected in Q3, but economists expect pick-up
Economic growth in Russia slowed over the three months to September, although some economists expected the pace of expansion to pick-up over the following year.
US and China speaking 'at all levels' ahead of G20 meet, says Kudlow
President Trump has initiated direct contact with Chinese President Xi Jinping ahead of the leaders’ meeting at the G20 in Argentina at the end of the month, White House economic adviser Larry Kudlow told CNBC on Tuesday.
Morgan Stanley downgrades European O&G, stays 'overweight' BP
Analysts at Morgan Stanley on Tuesday downgraded their recommendation on the European Oil & Gas sector, arguing that the favourable tailwinds which had helped compress its relative dividend yield back to its historical norms had now largely passed.
Brent crude oil futures walloped as speculators pile-in
Oil prices are getting walloped as speculative accounts continue to pile-up in the complex, according to analysts.
Opec trims forecasts as global economy weakens and supply surges
Opec has trimmed demand forecasts for its crude in 2019, leading to speculation that the oil cartel will cut production when it meets next month.
Beijing pursues South China Sea agreement to improve trade relations
Chinese Premier Li Keqiang made a commitment on Tuesday to pursue a code of conduct in the territorially disputed South China Sea with its neighbours, after recent tensions with US Navy vessels in the region.
FX round-up: Sterling and euro battered, rouble gets unexpected boost
Sterling reeled against the Greenback at the start of the week as the US dollar spot index jumped to its loftiest level since May 2017.
FX round-up: Sterling and euro battered, rouble gets unexpected boost
Sterling reeled against the Greenback at the start of the week as the US dollar spot index jumped to its loftiest level since May 2017.
Eland joint venture lands licence renewal in Nigeria
Eland Oil & Gas on Monday confirmed that the Nigerian minister of petroleum resources has agreed to joint-venture Elcrest’s renewal of its equity participation in Oil Mining Lease 40 for a further 20 years.
Oil rallies as Saudi Arabia plans output cut
Saudi Arabia has decided rein back its production of crude oil next month, which has lifted oil prices out of their bear-market slump.
Commodities: Oil futures weaker going into OPEC meeting, natural gas jumps
Commodity prices were lower across the board at the end of the week, except for natural gas, weighed down by concerns around the Chinese economy and with another move higher in the US dollar further dampening sentiment.
RBC upgrades Hochschild to 'outperform' as Inmaculada concerns subside
Analysts at RBC Capital Markets upgraded silver and gold miner Hochschild Mining to 'outperform' on Friday, noting that it was now "more positive" on the potential lifespan of its Inmaculada asset following the group's Capital Markets Day on Wednesday.
China factory gate prices slip in October despite weak yuan
Consumer and factory gate prices in the People's Republic of China remained elevated last month, despite the recent weakening in the yuan and import tariffs, a trend that economists expected would continue.