News

On February 2, the focus is on natural gas reserves in the United States. On February 3, data on oil rigs from Baker Hughes and speculative positions on oil and gas, gold, silver, aluminum and copper are on the agenda.

Demand for gold surged to an 11-year high last year. This is due to large-scale purchases on the back of high activity by retail investors and a slowdown of ETF outflows.

The White House expressed a negative assessment of the record profit of Exxon Mobile in 2022. The company earned $56 billion, and it’s a maximum for both itself and the whole oil industry of Western countries.

The US Interior Department’s Bureau of Land Management supports an accelerated plan of oil production. It includes 3 new wells across the Willow site in the Petroleum Reserve-Alaska, instead of having 5 wells predetermined earlier.

Japan was buying aluminum at a surcharge. Shipments from January to March were at $85-86 per ton, which is 13-14% less than in the previous quarter. Resources report weak demand and strong reserves of aluminum.

According to Eikon data, Western tankers increased shipments of Russian Urals crude in January, as its price did not exceed the limit of $60 per barrel.

The agenda includes the OPEC meeting, the results of the US Federal Reserve meeting, crude oil and petroleum products stocks, as well as gasoline and distillate production.

On January 31, the World Gold Council (WGC) will release data on demand and supply for the fourth quarter of 2022 as well as the whole year. Commerzbank's economists believe that ETF investors’ interest in the precious metal will continue to set the direction of prices.

The IMF increased the forecast for the global economy for the first time in a year due to the constant expenditures of the U.S. and the removal of anti-COVID restrictions in China.

Asia is not losing interest in Russian oil. According to data, this month not less than 5.1 million tons of Urals crude have been shipped from the Russian European ports of Primorsk, Ust-Luga and Novorossiysk to Asian markets.