Energy and Precious Metals Market events for January 26-27, 2023
On January 26, the focus is on natural gas reserves in the United States. On January 27, data on oil rigs from Baker Hughes and speculative positions on oil and gas, gold, silver, aluminum and copper are on the agenda.
January 26, 2023
18:30 GMT+3 – Natural Gas Storage. Forecast: -82В. Previous value: -82В
An increase in reserves usually puts pressure on natural gas prices, all other things being equal, and vice versa.
January 27, 2023
21:00 GMT+3 – U.S. Baker Hughes Oil Rig Count. Forecast: –. Previous value: 613
21:00 GMT+3 – U.S. Baker Hughes Total Rig Count. Forecast: –. Previous value: 771
An increase in the number of oil platforms and drilling rigs puts pressure on oil prices, all other things being equal, while a decrease in the number on the contrary supports prices.
23:30 GMT+3 – CFTC Crude Oil speculative net positions. Forecast: –. Previous value: 239.2K
23:30 GMT+3 – CFTC Natural Gas speculative net positions. Forecast: –. Previous value: -177.2K
23:30 GMT+3 – CFTC Gold speculative net positions. Forecast: –. Previous value: 153.2K
23:30 GMT+3 – CFTC Silver speculative net positions. Forecast: –. Previous value: 31.5K
23:30 GMT+3 – CFTC Aluminium speculative net positions. Forecast: –. Previous value: 5.5K
23:30 GMT+3 – CFTC Copper speculative net positions. Forecast: –. Previous value: 16.2K
Indicators of net speculative positions usually do not have a strong impact on metal quotes and are considered by analysts in conjunction with other indicators. However, the increase in indicators indicates a slight increase in demand for metals and vice versa.
More information is provided by the economic calendar.
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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.
1 FebruaryThe 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.
1 FebruaryThe 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.
1 FebruaryOn 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.
2 FebruaryJapan 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.
1 February