MTECHTIPS:-Crude Oil Settles Higher as Opec Boosts Oil-Demand Outlook


MTECHTIPS:-Crude Oil Settles Higher as Opec Boosts Oil-Demand Outlook

Crude oil prices settled higher on Tuesday after a report showed Opec output fell in August but gains were capped as investors braced for U.S. crude inventory due data expected to show a large build in stockpiles. On the New York Mercantile Exchange crude futures for October delivery rose 16 cents to settle at $48.23 a barrel, while on London’s Intercontinental Exchange, Brent rose 39 cents to trade at $54.23 a barrel. In its monthly oil market report the Opec said production in August fell by 79,000 barrels a day (bpd) to 32.76 million as falling production from Venezuela, Iraq, the UAE and Saudi Arabia offset rising output from Nigeria. Global oil demand growth is forecast to increase by 1.35 m bpd to 98.12 m bpd, representing an uptick of 70,000 bpd from the previous report. Opec ’s secretary-general Mohammad Barkindo said “It is clear the rebalancing process is under way,” and expressed optimism that growing demand in the second of the half of year would continue to dent excess supplies. The reported also highlighted a dip in non-Opec output, after several refineries along the Gulf Coast shut down as Hurricane Harvey tore through the U.S. oil heartland of Texas in August

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MTECHTIPS:-Crude Oil Settles Higher as Opec Boosts Oil-Demand Outlook


MTECHTIPS:-Crude Oil Settles Higher as Opec Boosts Oil-Demand Outlook

Crude oil prices settled higher on Tuesday after a report showed Opec output fell in August but gains were capped as investors braced for U.S. crude inventory due data expected to show a large build in stockpiles. On the New York Mercantile Exchange crude futures for October delivery rose 16 cents to settle at $48.23 a barrel, while on London’s Intercontinental Exchange, Brent rose 39 cents to trade at $54.23 a barrel. In its monthly oil market report the Opec said production in August fell by 79,000 barrels a day (bpd) to 32.76 million as falling production from Venezuela, Iraq, the UAE and Saudi Arabia offset rising output from Nigeria. Global oil demand growth is forecast to increase by 1.35 m bpd to 98.12 m bpd, representing an uptick of 70,000 bpd from the previous report. Opec ’s secretary-general Mohammad Barkindo said “It is clear the rebalancing process is under way,” and expressed optimism that growing demand in the second of the half of year would continue to dent excess supplies. The reported also highlighted a dip in non-Opec output, after several refineries along the Gulf Coast shut down as Hurricane Harvey tore through the U.S. oil heartland of Texas in August

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MTECHTIPS:-Silver Remains Supported Around $18 Levels


MTECHTIPS:-Silver Remains Supported Around $18 Levels

MTECHTIPS – MCX Silver futures closed just above Rs 41200 per kg yesterday as the global prices recovered above $18 per ounce levels. The undertone in global Silver market remains firm amid strong speculative demand and support from sound economic cues. COMEX Silver futures are lingering just around $18 levels in Asian trades amid supportive equities. Large speculators continued to push their bullish net positions higher in the silver futures markets, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 64,171 contracts in the data reported through Tuesday September 5th. This was a weekly increase of 10,526 contracts.Silver speculative positions have gained for seven consecutive weeks which has leveled speculative positions at the highest standing since June 6th. The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -76,688 contracts on the week. This was a weekly fall of -11,100 contracts

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MTECHTIPS:-Silver Remains Supported Around $18 Levels


MTECHTIPS:-Silver Remains Supported Around $18 Levels

MTECHTIPS – MCX Silver futures closed just above Rs 41200 per kg yesterday as the global prices recovered above $18 per ounce levels. The undertone in global Silver market remains firm amid strong speculative demand and support from sound economic cues. COMEX Silver futures are lingering just around $18 levels in Asian trades amid supportive equities. Large speculators continued to push their bullish net positions higher in the silver futures markets, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 64,171 contracts in the data reported through Tuesday September 5th. This was a weekly increase of 10,526 contracts.Silver speculative positions have gained for seven consecutive weeks which has leveled speculative positions at the highest standing since June 6th. The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -76,688 contracts on the week. This was a weekly fall of -11,100 contracts

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MTECHTIPS:-Gold Prices Edge Lower as Safe Haven Demand Fades


MTECHTIPS:-Gold Prices Edge Lower as Safe Haven Demand Fades

MTECHTIPS – Gold prices fell below break even on Tuesday as easing U.S.-North Korea tensions fuelled demand for riskier assets lifting global stocks to record highs for a second straight day. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell by $3.46, or 0.26%, to $1,332.46 a troy ounce. The relief rally continued for a second straight day, lowering demand for safe-haven gold as investors shrugged off fresh threats from North Korea after the United Nations imposed a fresh round of sanctions, restricting the country’s access to oil imports while limiting textile exports. North Korea’s ambassador to the UN, Han Tae Song, told a conference in Geneva: “The forthcoming measures by DPRK [the Democratic Republic of Korea] will make the US suffer the greatest pain it has ever experienced in its history.” Also weighing on gold prices was a sharp rise in U.S. treasury yields ahead of inflation data due Wednesday, which could influence the Federal Reserve’s interest rate decision slated for September 20. Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion

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MTECHTIPS:-Gold Prices Edge Lower as Safe Haven Demand Fades


MTECHTIPS:-Gold Prices Edge Lower as Safe Haven Demand Fades

MTECHTIPS – Gold prices fell below break even on Tuesday as easing U.S.-North Korea tensions fuelled demand for riskier assets lifting global stocks to record highs for a second straight day. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell by $3.46, or 0.26%, to $1,332.46 a troy ounce. The relief rally continued for a second straight day, lowering demand for safe-haven gold as investors shrugged off fresh threats from North Korea after the United Nations imposed a fresh round of sanctions, restricting the country’s access to oil imports while limiting textile exports. North Korea’s ambassador to the UN, Han Tae Song, told a conference in Geneva: “The forthcoming measures by DPRK [the Democratic Republic of Korea] will make the US suffer the greatest pain it has ever experienced in its history.” Also weighing on gold prices was a sharp rise in U.S. treasury yields ahead of inflation data due Wednesday, which could influence the Federal Reserve’s interest rate decision slated for September 20. Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion

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07489294118-119