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.
Energy and Precious Metals Market events for February 2-3, 2023
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.
February 2, 2023
18:30 GMT+3 – Natural Gas Storage. Forecast: -142В. Previous value: -91В
An increase in reserves usually puts pressure on natural gas prices, all other things being equal, and vice versa.
February 3, 2023
21:00 GMT+3 – U.S. Baker Hughes Oil Rig Count. Forecast: –. Previous value: 609
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: 249.8K
23:30 GMT+3 – CFTC Natural Gas speculative net positions. Forecast: –. Previous value: -171K
23:30 GMT+3 – CFTC Gold speculative net positions. Forecast: –. Previous value: 157.7K
23:30 GMT+3 – CFTC Silver speculative net positions. Forecast: –. Previous value: 25.7K
23:30 GMT+3 – CFTC Aluminium speculative net positions. Forecast: –. Previous value: 5.9K
23:30 GMT+3 – CFTC Copper speculative net positions. Forecast: –. Previous value: 20.2K
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.
Latest news
Last year recorded an increased demand for gold up to the levels of 2011
1 February
Exxon Mobile is criticized for $56 billion profit
1 February
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.
White House Supports Alaska Oil Project
1 February
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.
Energy and Precious Metals Market events for February 2-3, 2023
2 February
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.
Aluminum buyers from Japan agreed to pay extra charges in the first quarter
1 February
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.