Oil prices rise moderately, receiving support from the weakening of the US dollar. Nevertheless, government data presented on the next increase in commercial oil inventories in the US, holding back further growth. "It seems that this is another statistics on stocks, helping to reduce prices, but the market took it well enough" - said the expert Ritterbusch & Associates Jim Ritterbusch.

US Department of Energy reported that in the week of 14-20 March crude oil reserves rose by 8.2 million barrels to 466.7 million barrels, while analysts' average forecast assumes an increase of 5.6 million barrels. Commercial US crude stocks remain at historical highs over the past 80 years. Oil reserves in Cushing terminal rose by 1.9 million barrels to 56.3 million barrels. This is a new historical high since April 2004. Gasoline inventories decreased by 2 million barrels to 233.4 million barrels, the lowest level this year. Distillate stocks fell by 34,000 barrels to 125.8 million barrels. Utilization rate of refining capacity increased by 0.9% to 89%. Analysts had expected that this figure will grow by 0.5%.

Recall, according to the American Petroleum Institute (API), US crude inventories last week rose by 4.8 million barrels, with growth forecast at 5.1 million barrels to a record level of 450 million barrels. Worries about rising inventories of oil in storage in the United States this month, putting pressure on prices. A steady increase in oil production in the United States against the backdrop of sluggish demand reinforces the view of the imminent exhaustion of oil storage capacity of some.

Rising oil prices also help previously reported by Germany, which pointed to the economic recovery in the eurozone. According to a survey published by the Ifo Institute in Germany, the index of business confidence in Germany strengthened the fifth consecutive month and reached 107.9 against 106.8 in February, exceeding the median forecast of economists, which was 107.4. Also, the expectations index managers of German companies in the near future, the monitored IFO, this month rose to 103.9 points from 102.5 points in February. Experts on average expected increase to 103 points. Value of the indicator related to the current situation increased to 112 points from 111.3 points, which coincided with the consensus forecast.

May futures for US light crude oil WTI (Light Sweet Crude Oil) rose to 48.33 dollars per barrel on the New York Mercantile Exchange.

May futures price for North Sea petroleum mix of Brent rose 55 cents to 55.77 dollars a barrel on the London Stock Exchange ICE Futures Europe.

Gold prices rose today, while closer to the level of $ 1,200 an ounce, as upbeat data on Germany and the weak performance of the US contributed to the strengthening of the euro against the US dollar. It is worth emphasizing the precious metal more expensive the sixth day in a row, showing the longest period of increase since August 2012.

The dollar index, showing the relationship of the US dollar against a basket of major currencies, fell 0.48% to 96.96. The index has fallen by almost 4% with a 12-year high of 100.78 reached on March 13, amid expectations that US interest rates will continue to grow at a slower pace than previously expected.

Today, the US Commerce Department said that orders for durable goods fell by a seasonally adjusted 1.4% in February compared with a month earlier, said Wednesday. Except for the volatile transportation sector, orders fell 0.4%, noting a decrease for the fifth month in a row. Economists had expected overall orders increase by 0.2%. Most of the reduction in the last month was associated with a fall transfer orders, in particular, military and civil aviation. But demand has fallen in many other industries. Orders for January was weaker than previously thought. Orders rose by 2% instead of originally reported growth of 2.8%, while orders excluding transportation in the same month fell instead of a slight increase, which originally reported. Meanwhile, a key indicator of business investment continued to fall last month - orders for non-military capital goods excluding aircraft decreased by 1.4% since January.

Also today, analysts Bank of America Merrill Lynch, that the fall of the US dollar may raise the price of gold to $ 1,300 an ounce. "As the dollar adjusted downwards, and the US bond market becomes a" bullish ", gold should rise in price," - experts say. The agency also gives the results of surveys of investors by ETF Securities. Most of them believe that gold will trade in the range of $ 1250-1400 per ounce. The survey results also showed that the precious metals remain a popular investment class in 2015. About 40% of London investors are convinced that the cost of precious metals is still far from the peak.

It is worth noting that in recent days, investors are showing increased interest in gold due to the depreciation of the dollar after the publication of the Fed statement last Wednesday. The statement and the comments from Fed Chairman Janet Yellen led investors to assume that the central bank may not raise interest rates in June, as predicted by many analysts. Yet some analysts argue that quotes can meet with obstacles in a pinch.

May futures for gold on the COMEX today rose by $ 5.9 - up to 1197.60 dollars per ounce.

Oil is trading mixed today ahead of data on official U.S. Crude Oil Inventories - analyst expect that U.S. Crude stockpiles will further increase to a new record for the 11^th straight week. The American Petroleum Institute, an industry group, reported yesterday that U.S. crude inventories increased by 4.8 million barrels in the week ended March 20. Worldwide storage capacity is slowly nearing a maximum which will further weigh prices down.

Brent Crude added +0.51% and holding above USD55, currently trading at USD55.39 a barrel. On January 13th Crude set a low at USD45.19. West Texas Intermediate lost -0.19% currently quoted at USD47.42.

Oil prices declined sharply in recent months as worldwide supply exceeds demand in a period of low global economic growth, pushing stockpiles to record highs and weighing on prices.

Gold is trading slightly lower today after adding gains for five consecutive session but is still trading near a 2-week high, supported by a broadly weaker greenback - as gold is dollar-denominated and not yield-bearing. Last week bullion added the most in one week since the January 2015. U.S. inflation data showed that the FED still is on track for a possible rate hike in the middle of the year. Lately the somehow dovish FED statement lend some support to the precious metal and ongoing uncertainty over the Greek bailout and its future in the Eurozone add to bullish investor's sentiment.

Gold is currently quoted at USD1,192.30, -0,03% a troy ounce. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40. On Tuesday last week gold traded as low as USD1,142.50, a three-month low.

BLOOMBERG

The 20 Million Barrels of Pure Profit Sitting in U.S. Oil Tanks

(Bloomberg) -- Just as Wall Street says the U.S. is running out of room to store oil, it turns out there's another 20 million barrels of empty space.

Where? Right at the top of the tanks.

A supply glut has dragged U.S. crude for May delivery almost $10 a barrel below contracts a year out. This market structure, known as contango, has encouraged traders to shove the most oil in 80 years into storage so they can sell it for more in the future. The problem is, tanks are filling up, according to banks from Bank of America Corp. to Citigroup Inc. and Goldman Sachs Group Inc.

Source: http://www.bloomberg.com/news/articles/2015-03-24/there-s-pure-profit-sitting-at-the-top-of-u-s-crude-oil-tanks

REUTERS
Japanese investors' mega buying spree overseas keeps yen under pressure

(Reuters) - Purchases of foreign stocks and bonds by Japan's giant pension funds and other big investors in 2015 could be their highest for at least a decade, if they keep pace with the $42 billion splurged during the first two months.

At that rate their annual net sales of yen would be over 30 trillion, the most since the government started keeping records a decade ago, and almost as much as the previous five years combined.

That will add to pressure on the yen, which earlier this month struck 122 per dollar - its lowest level since July 2007.

Source: http://www.reuters.com/article/2015/03/24/markets-japan-outflows-idUSL3N0WL1QZ20150324

BLOOMBERG

Dollar Revives With Volatility as BofA Keeps Euro Parity Call

(Bloomberg) -- Bank of America Corp. is keeping faith that the dollar will rise to parity with the euro this year amid signs the U.S. currency has found its feet following the worst weekly slide in three years.

The greenback remained stronger after gaining Tuesday as the impact of the Federal Reserve's surprise reduction in interest-rate forecasts waned and investors' focus turned to U.S. economic data. The Bloomberg Dollar Spot Index has weakened almost 3 percent from a decade high reached March 13, while a gauge of expected currency swings has jumped by more than 20 percent over the past month.

"This trend of U.S. dollar strength is not going away any time soon," Adarsh Sinha, head of Asia-Pacific Group-of-10 foreign-exchange strategy at Bank of America in Hong Kong, said at a media briefing Wednesday. As long as the Fed raises rates this year, monetary-policy divergence will drive the dollar higher against its major peers, he said.

Source: http://www.bloomberg.com/news/articles/2015-03-24/dollar-shows-revival-signs-as-data-dependence-spurs-volatility

(raw materials / closing price /% change)

Oil 47.51 +0.13%

Gold 1,191.90 +0.04%