Daily Comex Commodity Report of 15th January 2018 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices rose to four month highs shrugging off renewed signs of US inflationary pressure as dollar fell to lows amid euro and sterling pressure. Gold futures for February delivery on the Comex division of the New York Mercantile Exchange rose by $11.20, or 0.85%, to $1,333.70 a troy ounce. The euro and sterling rallied against the dollar, supporting dollardenominated gold, as traders cheered easing political uncertainty in both the UK and Eurozone. Dollar-denominated assets such as gold are sensitive to moves in the dollar – A falling dollar makes gold cheaper for holders of foreign currency and thus, increases demand. Chancellor Angela Merkel struck a deal with the Social Democrat Party (SPD) on Friday, paving the way for government coalition talks. While in the UK reports that several EU member countries are open to the idea of a softer brexit lessened investor worries of the EU adopting a tough stance on trade discussion with Britain.

Crude oil prices settled at three-year highs on Friday as signs of growing US production was offset by ongoing optimism that OPEC-led output cuts would continue to drain the market of excess supplies. On the New York Mercantile Exchange WTI crude futures for January delivery rose 54 cents to settle at $64.30 a barrel, while on London's Intercontinental Exchange, Brentgained 56 cents to trade at $83 a barrel. The number of oil rigs operating in the U.S. rose by 10 to 752, its highest level in more than four months, according to data from energy services firm Baker Hughes. The sharp uptick in US rigs drilling for oil did little to halt the rally in oil prices as investors remained optimistic that the bullish global economic growth would continue to fuel oil demand growth while major oil producers’ compliance with the deal to cut output would remain strong.

W&T Offshore, Inc. (WTI) is an interesting player in the Basic Materials space, with a focus on Oil & Gas Drilling & Exploration. The stock has been active on the tape, currently trading at $4.80, up from yesterday’s close by 10.09%. Given the stock’s recent action, it seemed like a good time to take a closer look at the company’s recent data. W&T Offshore, Inc. (WTI) currently trades with a market capitalization of $643.39 Million. That value represents a market adjusting for revenues that have been growing by 2.68 % on a quarterly year/year basis as of the company’s last quarterly report. You can get a sense of how sustainable that is by a levered free cash flow of $29.42 Million over the past twelve months. Generally speaking, earnings are expected to grow in coming quarters. Analysts are forecasting earnings of $0.12 on a per share basis this quarter.

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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