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06.06.2014 15:40

Gold: an overview of the market situation

Oil prices stabilized today, supported by optimism that the monetary stimulus in the euro zone will raise economic growth and fuel demand.

"At best, we can assume that demand could grow by investors who are in pursuit of profit can benefit from additional liquidity for the purchase of futures contracts. On the other hand, the number of net long speculative positions on Brent and WTI has reached very significant levels, limit the potential for growth. Meanwhile any significant impact on demand for physical oil from measures announced yesterday the ECB is unlikely "- believed to Commerzbank.

Investors also focused on the U.S. data, which almost coincided with the forecast and increased confidence that the world's largest economy is on the road to recovery.

According to the report the Ministry of Labour in the United States in May was created 217 thousand new jobs outside agriculture against 288 thousand jobs in the previous month. Meanwhile, analysts predicted that the reporting month will be created 219 thousand new jobs. We also add that the U.S. unemployment rate at the end of May was 6.3% from the previous month and has not changed. Analysts had forecast a rise in unemployment to 6.4%.

Positive dynamics of today is also largely due to their speculative purchases. Brent crude on the eve quotes first time in nearly four weeks slipped below the price level of $ 108 per barrel, while WTI crude oil quotes first time in three weeks dropped below $ 102 per barrel, providing favorable conditions for opening long positions.

Market participants are also watching the situation in Ukraine. "Tensions between Russia and Ukraine slept a little after the elections in Ukraine", - said the director of the analysis of commodity markets Asia Societe Generale Mark Keenan.

It should also be noted that U.S. President Barack Obama on Thursday advised the Russian leader Vladimir Putin to recognize the new government of Ukraine to enter into dialogue with them and to stop "provocations" along the Ukrainian border threatened new sanctions by the "Group of Seven".

Today, Russian President Vladimir Putin met with Petro Poroshenko during the celebrations of the 70th anniversary of the landing Hitler allies in Normandy. Media reported that Poroshenko said Putin in the presence of German Chancellor Angela Merkel. As it became known later, Poroshenko and Vladimir Putin held a meeting that lasted 15 minutes, and it was after she shook hands. According to the report, Poroshenko discussed with Putin economic consequences of the crisis in Ukraine, and soon they can move on to discussing the details of the peace settlement of the situation in Ukraine.

The cost of the July futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 102.70 per barrel on the New York Mercantile Exchange (NYMEX).

July futures price for North Sea Brent crude oil mixture fell 30 cents to $ 108.52 a barrel on the London exchange ICE Futures Europe.

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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