Barclays Capital
Barclays Capital
Barclays Investment Bankis the investment banking division of the British multinational Barclays bank headquartered in London. It provides advisory, financing and risk management services to large companies, institutions and government clients. It is a primary dealer in U.S. Treasury securities and various European Government bonds...
above balance cannot commodity dominating further gains gold high inventory market momentum oil prices ruled strong terms
While we think such high prices are not justifiable by gold 's commodity fundamentals in terms of market balance and inventory levels, the combination of a surge in oil prices above $70/barrel, geopolitical tensions and strong momentum is dominating at present, and further gains cannot be ruled out.
balances below current demand estimates fallen further gasoline indicate market oil relative remains year
U.S. gasoline inventories have fallen further below their five-year average, while U.S. oil demand remains strong. Our estimates of current market balances indicate a significant tightening relative to a year ago.
correction despite further markets physical prices relatively steady suggest support threat worth
It is worth noting that prices are getting little support from the physical markets despite relatively steady prices of late, which suggest that threat of further correction remains.
economy encourage market optimistic outcome pivotal prior strong today view
U.S. payrolls are much more pivotal today than in prior months. A strong outcome would encourage the market in its increasingly optimistic view of the US economy and hawkish view of the Fed.
absent appetite asia continued credit fund likely loan market stability strength support synthetic
Absent new developments in credit, the continued synthetic demand, the hedge fund bid, strength in the leveraged loan market, stability in U.S. Treasuries, and credit appetite from Asia will likely continue to support the market overall.
across among continues enthusiasm founded general interest market strong
This market continues to look very strong ... Enthusiasm among speculators is founded on its constructive fundamentals and general interest across commodities.
beyond crisis energy hurricane impact katrina major markets produce pushed talk
It is now appropriate to talk of a major energy crisis after Hurricane Katrina pushed U.S. energy markets beyond the edge. The impact of Katrina has been to produce a significant discontinuity.
beginning believe broader dissent indicate market members movement open pace rate represents shift slowing speeches start toward unless within
Unless upcoming speeches indicate that other FOMC (Federal Open Market Committee) members are beginning to shift their views, we do not believe Olson's dissent represents the start of a broader movement within the FOMC toward slowing the pace of rate hikes.
clear current despite extremely forming high large levels market output sign surplus
What is clear is that despite OPEC's extremely high current output levels there is little sign of a large surplus forming in the market just yet.
conditions general market nervous next price remain
Market conditions will remain nervous and there is a general sense of uncertainty over the next big price move.
crude dichotomy flush market products tight
The dichotomy in the US market between tight products and flush crude has become more pronounced.
close markets pricing seem zero
The markets seem to be pricing in close to zero probability of something going wrong.
broader charts closely correction further market near phase signs subject technical term towards trend weakness
The market could be subject to further weakness in the near term towards $535. The technical charts will be closely monitored in this correction phase for any signs of a broader trend reversal.
appear continues environment favorable market overall
The market continues to appear well-supported and we see the overall macroeconomic and geopolitical environment as favorable for gold.