Daily Comex Commodity Report of 05 October 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices trimmed gains on Wednesday, after the release of strong U.S. employment data, but the precious metal was still supported as demand for the dollar fizzled amid speculation over the next head of the Federal Reserve. Comex gold futures were little changed at $1,278.63 a troy ounce by 09:00 a.m. ET (13:00 GMT), off session highs of $1,284.93 and still close to the previous session's eight-week low of $1,271.00. Payrolls processor ADP reported on Wednesday that the U.S. private sector added135,000 jobs last month. But sentiment on the greenback remained fragile amid speculation the next Fed head could be less hawkish than expected continued to weigh. Fed Governor Jerome Powell and former governor Kevin Warsh were both interviewed at the White House last week to replace current Fed Chair Janet Yellen next February.

Oil prices bounced higher on Wednesday, after data from the U.S. Energy Information Administration showed that domestic crude stockpiles dropped far more than expected last week, marking a second consecutive week of declines. U.S. West Texas Intermediate (WTI) crude futures gained 21 cents, or around 0.4%, to $50.62 a barrel by 10:35 a.m. ET (14:35GMT). Prices were at around $50.27 prior to the release of the inventory data. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., rose 12 cents, or about 0.2%, to $56.10 a barrel, after hitting a two-week low of $55.39 earlier in the session. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 6.023 million barrels in the week ended September 29. Market analysts' expected a crude-stock decline of around 756,000 barrels, while the American Petroleum Institute on Tuesday reported a supply drop of 4.0 million barrels.

Demand for offshore rig rental globally is starting to recover from its worst ever downturn, led by oil firms' growing demand for harsh-environment exploration and triggering multi-billion dollar tie-ups among drillers hoping to profit, executives said. While the 2014-2016 oil price crash caused firms to cut exploration budgets, ending a boom in rig demand and bankrupting many owners, energy companies are now seeking to replenish their hydrocarbon reserves. The nascent demand for harsh-environment rigs, particularly for North Sea drilling, could lead to increased rates for these units as soon as 2018, and other categories may follow in 2019 or 2020, companies and analysts say. Transocean (S:RIGN) Chief Executive Jeremy Thighpen told UBS analysts he would not be surprised to see next fixtures for such rigs to rise to $300,000 from current levels of around $200,000.

TRADING STRATEGY :

BUY GOLD ABOVE 1285 TGT 1290 1300 SL BELOW 1275
SELL GOLD BELOW 1265 TGT 1260 1250 SL ABOVE 1275

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