oil n gold
Crude oil prices declined with Brent crude plummeting after reports that Libyan exports are expected to rebound. WTI crude initially weakened amid forecasts that US inventory would increase further. The contract then recovered after encouraging US data and gains in Wall Street. The front-month contract for Brent crude oil slumped to a 2-week low 107.86 before ending the day at 108.12, down -1.33%. The WTI contract settled at 100.84, up +0.24%. Gold fluctuated within a 3-USD-range but ended the day largely flat.
News reported that Libya would soon resume exports as the rebels lifted force majeure from the eastern Zueitina oil port, responsible for output of 70K bpd. According to Mohamed Elharari, spokesman of state-run National Oil Corp, an agreement was reached on April 6 that the rebels would hand over control of Zueitina and Hariga, in return for an official amnesty and salary payments. This upstaged the news that the US has announced a third round of sanctions against Russia.
On the dataflow, US pending home sales rose +3.4% m/m in March, compared with a downwardly revised -0.5% drop a month ago and consensus of a gain of 0.7%. Compared with a year ago pending home sales fell - 7.4%. Looking at different regions, sales in the West added +5.7% after a +2.3% increase in February while those in the South added +5.6% after gaining +3.6% in February. In the Northeast, sales also added +1.4% in March, following a fall of -1.6% in February, while those in the Midwest showed a modest decline of -0.8% in March, following a +2.8% increase a month ago. The key drivers for home buying are better job market and improved household balance sheets. These factors remained intact and supported affordability.
For today, US’ consumer confidence probably edged up +0.7 points to 83 in April while the S&P/Case-Shiller composite-20 index might have gained +12.9% y/y in February, easing from a +13.24% increase a month ago. In the Eurozone, a set of confidence date would be released (shown below).
Crude oil prices declined with Brent crude plummeting after reports that Libyan exports are expected to rebound. WTI crude initially weakened amid forecasts that US inventory would increase further. The contract then recovered after encouraging US data and gains in Wall Street. The front-month contract for Brent crude oil slumped to a 2-week low 107.86 before ending the day at 108.12, down -1.33%. The WTI contract settled at 100.84, up +0.24%. Gold fluctuated within a 3-USD-range but ended the day largely flat.
News reported that Libya would soon resume exports as the rebels lifted force majeure from the eastern Zueitina oil port, responsible for output of 70K bpd. According to Mohamed Elharari, spokesman of state-run National Oil Corp, an agreement was reached on April 6 that the rebels would hand over control of Zueitina and Hariga, in return for an official amnesty and salary payments. This upstaged the news that the US has announced a third round of sanctions against Russia.
On the dataflow, US pending home sales rose +3.4% m/m in March, compared with a downwardly revised -0.5% drop a month ago and consensus of a gain of 0.7%. Compared with a year ago pending home sales fell - 7.4%. Looking at different regions, sales in the West added +5.7% after a +2.3% increase in February while those in the South added +5.6% after gaining +3.6% in February. In the Northeast, sales also added +1.4% in March, following a fall of -1.6% in February, while those in the Midwest showed a modest decline of -0.8% in March, following a +2.8% increase a month ago. The key drivers for home buying are better job market and improved household balance sheets. These factors remained intact and supported affordability.
For today, US’ consumer confidence probably edged up +0.7 points to 83 in April while the S&P/Case-Shiller composite-20 index might have gained +12.9% y/y in February, easing from a +13.24% increase a month ago. In the Eurozone, a set of confidence date would be released (shown below).
ليست هناك تعليقات:
إرسال تعليق