17.06.2015 - A tropical storm in the Gulf of Mexico supported the rise in oil prices
The price of gold fell against the strengthening of the US dollar after the release of strong statistics on the housing market in the country, where the number of permits for new homes construction rose to 1.28 million in May, compared with an expected 1.11 million. At the same time, the number of housing starts totaled 1.04 million vs. expected 1.10 million. Quotes of gold supported demand for defensive assets due to the uncertainty surrounding the Greek crisis. Today will be published the statement and forecasts of the Federal Open Market Committee of the Federal Reserve, which will likely lead to an increase in the dollar and enhance confidence in the term of the Fed raising interest rates, which is negative for gold prices. Our medium-term outlook remains positive, but the price may fall in the near future.
The price of Light Sweet crude oil rose against the background of the tropical storm approaching the coast of the Gulf of Mexico, where is about 45% of refining capacity in the United States. A number of companies evacuated staff from the drilling platforms in the Gulf, but did not stop production. Today, the course of trading will be affected by the data on the crude oil and petroleum products’ inventories in the United States. In addition, special attention should be paid to the Fed's statement on monetary policy and the outlook for economic growth. We maintain a medium-term negative outlook and expect strong growth of volatility today.