Rising oil and gold as the dollar fell

Gold price technical analysis 30 - May, 2013

Enhanced futures for Brent gains to more than two dollars, on Thursday, with renewed fears of a disruption to Middle East supplies, and also strengthened the escalation of the euro zone debt crisis concerns about demand and limited gains.

London Brent crude rose two dollars to 112.04 dollars a barrel after it was trading between 109.68 and $ 112.36 dollars.

And highlighted the uncertainty about the rescue package for Spain and the debate over Greece’s debt difficulties faced by Europe in addressing the problems of pressure on Asian stock markets to the euro and gold. However, the oil got a boost from Iran’s statements about ‘neutralize’ all efforts to sabotage its nuclear facilities.

The price of Brent crude contract closest maturity of 35 cents to 110.39 dollars a barrel to offset some of the losses recorded in the previous session. The U.S. light crude rose 37 cents to 90.35 dollars per barrel.

She said, yesterday, OPEC: The standard price of its basket of crudes fell to 106.84 dollars a barrel, the first Wednesday of 107.99 dollars on the previous day.

Forecasts decline

A Reuters poll showed, that is likely to result in slower growth in the global economy as well as receding fears of a disruption in oil supplies from the Middle East to the decline in crude prices in the remaining period of the current year and 2013.

And hopes also receded in support measures to stimulate the economy and new rounds of monetary easing from major central banks in the world, asset prices, and analysts now expect a period of relative stability in oil prices. 32 analysts predicted in a monthly survey for Reuters, that the average price of Brent crude 109.90 dollars per barrel this year, up only 40 cents more than expected in last month’s poll, and a decrease of $ 2.10 for an average so far this year.

It is expected that the average price of Brent 106.90 dollars per barrel in 2013, down 30 cents from expected in the poll conducted by Reuters in August.

And said Chris tefery of Jane Capital: «We believe that it is likely to witness all of Brent and West Texas Intermediate (WTI) more than doubled in the weeks and months and seasons ahead.

Said Michael Wittner, oil sector analyst at Societe Generale: The declaration of a third round of quantitative easing in the United States did not give the market support is expected. He added: «the impact of the third round of quantitative easing medium-and long-term engine of oil price in the market is limited. Even in the short term market has already absorbed the quantitative easing.

Predicted only four of 31 analysts to come down the average price of Brent crude below $ 100 a barrel in 2013 and predicted six of the 25 analysts the same thing in 2014.

Predicted only three of 31 analysts to increase the average price of Brent for $ 120 in 2013, while he said four of the 25 analysts, it will exceed that level in 2014.

The Barclays was the highest expectation for the price of Brent in the survey for the years 2013 and 2014 when 125 and $ 130 a barrel, respectively. Raymond James was the lowest forecast for 2013 at $ 80 a barrel, and Capital Economics with the lowest predicted for the year 2014 at $ 85 a barrel. It is expected that the average price of U.S. light crude 95.30 dollars per barrel in 2012 and 98.20 in 2013 and $ 100.7 dollars in 2014.

Iranian oil

The data showed unloading tankers, seen by Reuters, said yesterday that India’s imports of Iranian crude oil fell by about 5% in August compared with July, marking the third consecutive monthly decline supports New Delhi’s efforts to renew the exemption received from the U.S. sanctions. However, imports rose nearly five from a year ago, when reduced Iran supplies to the second-largest market, as were not Indian companies have come in then after a way to pay for oil after ending New Delhi clearinghouse mechanism under pressure from the United States in December 2010.

The data showed the Japanese Ministry of Finance said on Thursday that Japan’s imports of crude oil, which crossed the customs of Iran fell by 67.1% in August from a year earlier to reach 84,852 barrels per day, the lowest level since September 1988.

The data showed the Ministry of Commerce’s third-largest oil consumer in the world did not import any Iranian oil in July while avoiding Japan violation EU sanctions while the Ministry of Finance data showed that imports crossed customs of Iran stood at 126,726 barrels per day in July, down 52.5% from the same month of last year. The United States has imposed severe penalties and Europe on Iran to crack down on Iran’s oil revenues, and get it to halt its nuclear program, which the West suspects is aimed at making nuclear weapons, a charge Tehran denies.

Dollar fell

The dollar continued its decline briefly against the yen and squandered its temporary losses against the euro on Thursday, after a series of U.S. economic data differentiated.

Against the Japanese currency the dollar fell to 77.55 yen after the data recorded in the most recent trading 77.64 yen, down 0.1% from the previous close and little changed from its price before the data. The euro fell to $ 1.2863 after the data. And recorded in the most recent trades $ 1.2882, up 0.1% from the previous close.

The euro was 1.2874 U.S. dollars before the data release. The euro fell to its lowest level in three weeks against the pound sterling before Spain’s budget for 2013. Sterling got a boost also from data showing the British economy shrank in the second quarter were slightly lower than previously thought as to talk about agricultural subsidies from the EU to Britain this week will raise the sterling against the single currency.

Gold recovery

Gold prices rose slightly Thursday, recovering from its lowest level in two weeks, which recorded the day before yesterday. The price of gold in the spot market 0.2% to $ 1755.69 per ounce, while futures rose U.S. gold for delivery in December, five dollars to $ 1758.60 an ounce.

The precious metal tends to end the month of September the biggest quarterly gain in more than two years amounts to about 10%, and after the U.S. Federal Reserve launched a third round of monetary stimulus measures that benefit gold earlier in the month.

The price of silver rose 0.3% to 34.04 dollars per ounce and platinum rose 0.3% as well to $ 1631.90 an ounce. And palladium rose 0.4% to $ 627.70 an ounce.

Petroleum Affairs in Dubai official determines the price difference

 

Department of Petroleum Affairs said in Dubai, on Thursday: The Dubai official identified the price difference to December shipments of crude at the same level of futures prices for Omani crude, up from a discount rate of 25 cents per barrel in the previous month.

The price difference will be applied to the average daily adjustments to hold the earliest maturity for Omani crude at the end of October to determine the official selling price of Dubai crude Download December