Analytics, News, and Forecasts for CFD Markets: raw news — 13-05-2020.

• Non-OPEC supply forecast to fall 3.50 million bpd vs. its previous forecast of 1.5 million bpd drop
• All producers outside of OPEC has so far announced curbs of 3.6 million bpd
• Says worst demand contraction in major centers is expected in Q2 of 2020
• Supply curbs are already started showing positive response, with rebalancing expected to pick up faster in coming quarters
• OPEC oil output rose by 1.80 million bpd in April to 30.41 million bpd
• Saudi Arabia boosted oil output in April by 2.274 million bpd to a record of 12.007 million bpd

FXStreet reports that analysts at Credit Suisse expect more gains to come as long as Brent Crude Oil trades above $27.10.

“With the market remaining above $27.10 we look for further gains with resistance seen next at $36.29/40, which we look to cap to define the top of a broad long-term range. Above $36.40 though would complete an important base.”

“Support at $23.22 now ideally holds to keep the immediate risk higher. Only back below $18.73 though would warn of a retest of $16.65/14.53”.

• Especially, growth in oil demand and ease in concerns about storage limits, as countries across the globe are coming out of lockdowns
  
• We remain firmly committed to achieving market stability
• Confident that OPEC+ partners are aligned with our goals

Gold: Threat of a consolidation phase is growing – Credit Suisse

FXStreet reports that analysts at Credit Suisse note that gold continues to struggle to hold its move above its ‘measured base objective’ at $1700/05 and upside momentum is waning near-term and the threat of a consolidation phase is growing.

“Support at $1660 needs to hold to see this averted and to keep the immediate risk higher still, with resistance at $1796/1803 next.” 

“Below $1660 would signal a more protracted consolidation phase, with support seen initially at $1638, then what we expect to be better support at $1569/65.”