Commodities Update 15

Commodities Update 15

06 October 2015

Important legal information


Oil prices are moving sidewards. The prices were moving in a tight range of 47 and 50 USD since 17 trading days. Compared to six weeks ago, prices for a barrel Brent Crude Oil are now 14% higher. Due to low oil prices, the number of oil-rigs has decreased sharply. U.S. oil-rigs dropped by 26 to 614 during the last months, according to Baker Hughes. Compared to October 2014 this is a decrease by 62%. At this time there was a peak of 1609 active oil-rigs counted. Especially oil-rigs with low efficiency and consequently high operating costs were closed down during the past months, says Jochen Stanzl, market analyst at GodmodeTrader.
According to Gene McGillen, Analyst at Tradition Energy, it is getting more and more likely that the lower number of active oil-rigs will lead to a decreased oil production in the long run.

Sluggish U.S. jobs data led to an increased demand in the precious metal gold. The U.S.-labour market developed slower than expected. Excluding the agricultural sector only 142,000 new jobs were created, says the U.S. Department of Labour. 201,000 new jobs were expected. At U.S. stock markets a fed hike in October is expected with a probability of 5%. For the December meeting an interest rate increase is expected with a probability of 30%.

 

 

04/10/2022 06:30:04