Latest news with #CommerzbankResearch
Wall Street Journal
5 days ago
- Business
- Wall Street Journal
Oil Market Able to Absorb OPEC+ Supply for Now, But Oversupply Looms
1014 GMT – The oil market has so far managed to absorb additional supply from OPEC+ due to low inventories and seasonally higher demand, analysts at Commerzbank Research say. 'Following the sharp price drop at the beginning of April and a further decline at the beginning of May, the price of Brent oil has traded between $63 and $67 per barrel in recent weeks,' analyst Carsten Fritsch says. However, he warns this balance could prove fragile if the cartel and its allies continue to ramp up production at the current pace. That could lead a considerable oversupply to develop in the fall. In midday trade, Brent crude and WTI are both up 0.5% at $65.93 and $63.70 a barrel, respectively. ( 0801 GMT – Oil prices are broadly stable in early trade as investors weigh rising OPEC+ output and the threat of wildfires in Canada's energy hub. Brent crude and WTI are flat at $65.63 and $63.37 a barrel, respectively. The benchmarks rose more than 1% in the previous trading session due to supply concerns after the Alberta wildfires shut in more than 300,000 barrels a day of heavy crude production. 'There continue to be clear signs of tightness in the spot oil market,' analysts at ING say. Prices also found support from expectations that U.S. crude inventories fell last week and dimming prospects of an imminent nuclear deal with Iran after President Trump said he won't allow uranium enrichment. Still, gains remain capped by broader concerns over accelerated OPEC+ supply increases and the economic impact of sweeping U.S. tariffs. (
Wall Street Journal
08-04-2025
- Business
- Wall Street Journal
Gold Falls on Possible Unwinding of Long Positions to Raise Cash
2342 GMT — Gold falls in the early Asian session on possible unwinding of long positions to raise cash. 'This may sound strange, but it has happened several times in periods of heightened risk aversion, as market participants have to sell gold positions to offset losses elsewhere,' Commerzbank Research's Carsten Fritsch says in a research report. However, the recent increase in Fed rate-cut expectations suggests that gold price will likely soon rise again, the commodity analyst adds, noting Fed funds futures imply 100bps worth of rate cuts by the year-end. Spot gold is down 0.3% to $2,974.24/oz. (
Wall Street Journal
31-03-2025
- Business
- Wall Street Journal
Oil Prices Mixed; Looming OPEC+ Production Increase May Weigh
0031 GMT — Oil prices are mixed in the early Asian session, but may be weighed by looming OPEC+ production increase. OPEC+ has announced that it would gradually reduce its voluntary production cuts from this week, Commerzbank Research analysts say in a recent research report. This 'de facto' increase in oil supply will probably take center stage this week and weigh on oil prices, even though there have been worries over future supply shortage, the analysts add. Front-month WTI crude oil futures are down 0.3% at $69.13/bbl; front-month Brent crude oil futures are up 0.1% at $73.71/bbl. (
