Comex Insights 01.May.2019


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CRUDE OIL:

  • Current Price: 63.635

  • Trend(Day Trading): Down

  • Oil prices fell on 01.May.19 after a report showed a rise in USA crude inventories.

  • USA crude stocks rose by 6.8 million barrels to 466.4 million barrels last week.

  • Oil markets have already tightened this year due to supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) as well as U.S. sanctions on Iran's oil exports.

  • OPEC is due to meet in June to discuss its production policy, and while Washington has put pressure on the group to increase output to make up for the shortfall from Iran, OPEC's de-facto leader Saudi Arabia said on Tuesday it had no immediate plans to raise output.

GOLD:

  • Gold longs are making a renewed attempt at recapturing $1,300.

  • Gold ended April trading lower after facing a stronger dollar for most of the month. But the yellow metal rose Tuesday, the final session of the month, as the dollar slid on bets that the Federal Reserve would hold interest rates steady again at the conclusion of its April meeting on Wednesday.

  • Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, settled the official session up $4.20, or 0.6%, at $1,285.70 per ounce.

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