Press release
Daily Comex Commodity Report of 8th January 2018 by Epic Research
INTERNATIONAL COMMODITY NEWSCrude oil prices retreated on Friday, as investors grew more cautious ahead of the weekend, but the commodity was still close to multi-year highs following positive U.S. inventory data released on Thursday and thanks to ongoing supply cut efforts by global oil producers. The U.S. West Texas Intermediate crude February contract was down 43 cents or about 0.65% at $61.58 a barrel by 04:00 a.m. ET (08:00 GMT), just off a a fresh two-and-a-half year high of $62.21 hit on Thursday. Elsewhere, Brent oil for March delivery on the ICE Futures Exchange in London declined 29 cents or about 0.43% to $67.80 a barrel, still close to the previous session's nearly three-year peak of $68.27. The U.S. Energy Information Administration reported on Thursday that crude oil inventories declined by 7.4 million last week, beating expectations for a 5.1 million drop. Oil prices were already supported in recent session by political tensions in Iran, where protests are marking the biggest challenge to the country's clerical leadership since 2009.
Saudi Arabia has changed the status of its national oil giant Aramco to a joint-stock company as of Jan. 1, in a key step for an initial public offering (IPO) planned for later this year. The sale of up to 5 percent of Saudi Aramco, expected to go ahead in the second half of 2018, is a centerpiece of Vision 2030, an ambitious reform plan to reduce the dependence of the Saudi economy on oil. The plan is championed by Saudi crown Prince Mohammad bin Salman. The change, which was published in a cabinet decree in the kingdom's official bulletin on Friday, is a requirement for local companies in Saudi Arabia ahead of listing, a senior Aramco source, who declined to be named, told Reuters. "As a customary step in the preparation process for a Saudi IPO, Saudi Aramco has converted to a joint stock company," the source said.
Gold prices pulled back from a four-month peak on Friday, as the U.S. dollar regained some ground ahead of the release of U.S. employment data due later in the day. Comex gold futures were down 0.15% at $1,319.50 a troy ounce by 09:00 a.m. ET (13:00 GMT), off the previous session's four-month peak of $1,327.20. The greenback had come under pressure after the release of mixed U.S. economic reports on Thursday. Payrolls processor ADP reported on Thursday that U.S. private employers added 250,000 jobs in December, well above economists' expectations . A separate report showed that U.S. jobless claims increased by 3,000 last week to 250,000, disappointing expectations for a 6,000 decline. The data came a day after Federal Reserve policymakers acknowledged, in the minutes of the Fed's December meeting released Wednesday, that the U.S. labor market and economic activity remain strong, despite persistently low inflation.
TRADING STRATEGY :
BUY GOLD ABOVE 1325 TGT 1330 1340 SL BELOW 1315
SELL GOLD BELOW 1310 TGT 1305 1295 SL ABOVE 1320
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Epic Research Limited is a leading financial advisory services provider firm .We have designed services for different investors as per their needs like equity tips, comex tips, stock tips, commodity tips and many more to serve our clients. We offer regular services for investors with less capital and premium services for massive investors looking for higher returns on investments with bigger targets.
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