Sunday , March 7 2021
Home / Andrew Moran
Andrew Moran

Andrew Moran

I am a full-time professional writer. Prior to my self-employment, I worked as a reporter for Digital Journal covering the politics beat and The Toronto Times reporting on the city’s entertainment scene. I currently write mostly about business, marketing and finance

Articles by Andrew Moran

Oil Soars 5% As OPEC Output Holds Steady, Saudi Arabia Extends Voluntary Cuts

3 days ago

Crude oil futures are soaring on Thursday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, agreed to keep production steady. Saudi Arabia also confirmed that it would continue to voluntarily slash output, allowing Russia and Kazakhstan to ramp up production. Is it to the moon for energy prices?
April West Texas Intermediate (WTI) crude oil futures surged $3.10, or 5.06%, to $64.38 per barrel at 17:40 GMT on Thursday on the New York Mercantile Exchange. US crude prices have enjoyed a dramatic turnaround this week, rallying from below $50 to target $65.
Brent, the international benchmark for crude prices, topped $67 for the first time in more than a year. May Brent crude advanced $3.02, or 4.73%, to $67.10 a barrel on London’s ICE Futures exchange.

Read More »

Natural Gas Crashes 4% on Smaller-than-Expected Supply Withdrawal

3 days ago

Natural gas futures are continuing to be dominated by the bears, with the worst of winter weather seemingly over. Natural gas prices had shown some momentum earlier in the trading week on forecasts showing frigid temperatures in the middle of the month, but they have since pared their gains, falling below $2.80. Could the energy commodity slide to $2.50 next?
April natural gas futures tumbled $0.1032, or 3.69%, to $2.741 per million British thermal units (btu) at 14:40 GMT on Thursday on the New York Mercantile Exchange. Natural gas is up 0.1% on the week, as well as 11% year-to-date.
According to the US Energy Information Administration (EIA), domestic natural gas inventories declined by 98 billion cubic feet in the week ending February 26, falling short of the market estimate of 136

Read More »

Oil Prices Rally on Reports OPEC Will Not Ease Production Cuts

4 days ago

Crude oil futures are rallying midweek as industry observers begin watching this week’s OPEC meeting. After it was widely speculated that Saudi Arabia would ease its production cuts and the Organization of the Petroleum Exporting Countries would start ramping up output, reports suggested that the cartel would take a different approach for the next two months. Oil prices popped on the reports.
April West Texas Intermediate (WTI) crude oil futures surged $1.10, or 1.84%, to $60.85 per barrel at 13:34 GMT on Wednesday on the New York Mercantile Exchange. Crude prices have weakened about 4% in the last week, mainly due to expectations of greater output. Still, WTI prices are up 26% year-to-date.
Brent, the international benchmark for oil prices, is testing $64 in the middle of the trading

Read More »

Soybeans Top $14 Again As Tightening US Supplies, Chinese Demand Support Crop

5 days ago

Soybean futures topped $14 again on Tuesday as investors are hopeful of fresh demand for US supplies. The agricultural commodity has benefited from delays in Brazilian exports, prompting bullish forecasts for strengthening demand for tightening US inventories. Are $15 soybeans the next target?
May soybean futures surged $0.14, or 1.01%, to $14.0525 per bushel at 14:49 GMT on Tuesday on the Chicago Board of Trade (CBoT). Despite a sluggish start to the new trading week and month, soybean prices are looking to build on their 8% year-to-date gain.
Brazil’s loss is America’s gain?
The South American country is experiencing a delay in exports amid a slow soybean harvest amid unfriendly weather conditions. This is leading to expectations that foreign markets, particularly China, will lean

Read More »

Gold Kicks Off March Higher As Treasurys Retreat, House Passes Stimulus Bill

6 days ago

Gold futures are looking to rebound from a terrible February, recording a 7% loss last month. The yellow metal is trading slightly higher on Monday amid retreating Treasury yields and inflation fears. But a stronger US dollar and a renewed rally in the broader financial markets limited gold’s gain to kick off the trading week.
April gold futures added $1.80, or 0.1%, to $1,730.60 per ounce at 12:39 GMT on Monday on the COMEX division of the New York Mercantile Exchange. Gold is coming off a weekly loss of more than 4%, bringing its year-to-date decline to nearly 9%.
Silver, the sister commodity to gold, is testing $27 on Monday. May silver futures picked up $0.40, or 1.51%, to $26.84 per ounce. The white metal also suffered a weekly loss of 5% and a February decline of more than 8%.

Read More »

Commodities Corner: Bitcoin Crashes 16%, Copper Scores Best Month Since 2016

7 days ago

Get Rich or Die Mining?  
Bitcoin, the peer-to-peer decentralized digital currency, is coming off its worst week in almost a year. Investors sold off their riskier assets in the global financial markets amid international bond yields going through the roof. As a result, traders were ditching non-yielding assets in favor of something more solid. Bitcoin exchange-traded funds (ETFs) also recorded substantial launches, flipping negative soon after recording tremendous inflows upon their debut. From Grayscale’s Bitcoin Trust to the Purpose Bitcoin ETF, many of these paper investments slipped below their debut prices.  
One market observer summarized the situation in an interview with Coindesk: “Cash is king in times of distress, not bitcoin.” Denis Vinokourov, head of research at Bequant, told

Read More »

Commodities Week in Review: February 22 to February 26

8 days ago

Commodities Week in Review: February 22 to February 26
Agriculture 
As the broader financial markets suffered significant losses in the final trading week of February, most of the agricultural commodities presented decent gains. Rising Treasurys, portfolio rebalances, and inflation fears weighed on equities, sparking predictions that the financial markets are going through a reflation trade: economic growth and accelerating inflation. Overall, agriculture had a superb week and an excellent February.
Cocoa 

Friday Settlement: +$10.00, or 0.38%, to $2,614 per metric ton
Weekly Performance: +6.87%
February Performance: +3.65%
YTD Performance: +0.65%

Coffee 

Friday Settlement: -$0.001, or 0.07%, to $1.374 per pound
Weekly Performance: +6.22%
February Performance: +12.3%
YTD Performance:

Read More »

Soybean Tops $14 Again on Tighter Global Supplies, Stronger Foreign Demand

12 days ago

Soybean futures are bucking the downward trend in the broader financial markets, rallying beyond $14 for the first time since the beginning of February. The agricultural commodity is benefiting from tighter supplies amid a slower Brazil harvest and dwindling US stockpiles. With strengthening foreign demand and slumping output and production, could soybean prices target $15 this year?
March soybean futures soared $0.2925, or 2.11%, to $14.1675 per bushel at 17:10 GMT on Tuesday on the Chicago Board of Trade (CBoT). Soybean prices have been off to a hot start in 2021, advancing more than 8%. Over the last 12 months, soybean has skyrocketed more than 61%.
The fundamentals are the primary drivers of soybean’s two-session winning streak. Investors are bullish on expectations that US inventories

Read More »

Gold Tops $1,800 Again amid Inflation Fears, Weaker US Dollar

13 days ago

Gold futures are soaring to start the trading week, climbing back above $1,800 for the first time in more than a week. The yellow metal has been slumping this year, despite several single sessions of massive gains. Could this be the catalyst to restart the rally, or is this another one-off for the metals market?
March gold futures surged $32.30, or 1.82%, to $1,809.70 per ounce at 16:42 GMT on Monday on the COMEX division of the New York Mercantile Exchange. Gold prices are coming off a disappointing 2.3% weekly loss, but the performance on Monday has pared their year-to-date slump to below 5%.
Silver, the sister commodity to gold, is starting to retest its 52-week high. April silver futures soared $0.786, or 2.88%, to $28.04 per ounce. The white metal was relatively flat last week,

Read More »

Commodities Corner: Copper Soars to Nine-Year High, Lean Hogs Spike 15%

14 days ago

The Red Metal Sees Green  
It was running the bulls in the copper market this past week as the red metal topped $4 for the first time since the end of 2011. The bullish sentiment gave the industrial metal a 7% gain for the week, buoyed by strong Chinese demand and forecasts of a supply deficit this year. Is this sustainable or could copper prices head back down to earth?  
Over the last several months, the world’s largest copper consumer, China, has acquired vast volumes of the industrial metal to restock its inventories. As the nation accelerates its economic recovery, copper remains a critical component for everything, from construction to manufacturing to green energy. Many factories had remained open during this year’s Lunar New Year holiday, allowing copper to continue edging

Read More »

Commodities Week in Review: February 15 to February 19

15 days ago

Commodities Week in Review: February 15 to February 19
Agriculture 
In a recent research note, JPMorgan Chase warned that the commodities market is in a “supercycle,” an extended period of rampant gains. The financial analysts stated that agriculture, energy, and metals are in the middle of a massive bull run that could last for a couple of years amid strong demand worldwide at the same time. This has been apparent in the agriculture sector, with prices for many crops at multi-year highs. With a weaker US dollar lingering in the background, many of these agricultural products enjoyed a stellar performance.
Cocoa 

Friday Settlement: +$3.00, or 0.12%, to $2,446 per metric ton
Weekly Performance: 0%
YTD Performance: -5.81%

Coffee 

Friday Settlement: +$0.002, or 0.15%, to $1.2935 per pound

Read More »

US Crude Slips Below $60 As Texas Plans to Ramp Up Output

16 days ago

US crude oil futures fell below $60 to finish the trading week as Texas begins to increase production following the blast of freezing temperatures and snow that paralyzed the state. After soaring past $61 for the first time in more than a year, oil prices have trended downward, making crude on track for a weekly loss.
March West Texas Intermediate (WTI) crude oil futures tumbled $0.98, or 1.62%, to $59.54 per barrel at 11:18 GMT on Friday on the New York Mercantile Exchange. WTI contracts are poised for a weekly dip of 0.3%, but they are still up nearly 23% year-to-date.
Brent, the international benchmark for oil prices, declined below $64 to close out the trading week. April Brent crude futures dropped $0.77, or 1.2% to $63.16 a barrel on London’s ICE Futures exchange. Brent is poised

Read More »

Natural Gas Retreats 4% as US Supply Withdrawal Disappoints Again

17 days ago

Natural gas futures retreated on Thursday after soaring as high as $3.30 in overnight trading. Natural gas has been on a tear this week amid fierce winter weather conditions that have slammed into the US, resulting in power outages, production disruptions, strengthening demand, and speculation of lower inventories. But with the worst of the storm expected to be over, are natural gas prices set to return to below $3?
March natural gas futures plunged $0.13, or 4.04%, to $3.089 per million British thermal units (btu) at 14:41 GMT on Thursday on the New York Mercantile Exchange. Natural gas has soared about 8% this week, bringing its year-to-date rally to above 20%.
According to the US Energy Information Administration (EIA), domestic natural gas inventories declined 237 billion cubic feet

Read More »

Commodities Corner: Middle East Tensions, Winter Blues Lift Energy Prices

21 days ago

Middle East Strife Sparks Late Crude Rally 
US crude oil futures soared during the Friday trading session, allowing West Texas Intermediate (WTI) contracts to target $60 for the first time in about a year. But why did oil prices suddenly enjoy an end-of-week spike? Geopolitical tensions. 
In the Middle East, the Iran-backed Houthis political group announced that it attacked an international airport and airbase in Saudi Arabia with drones. While the Saudis have not confirmed the attacks, Riyadh has been consistently fighting the Houthis since 2015 in Yemen.  
What made the developments even more noteworthy was that President Joe Biden directed the State Department to revoke the Houthis’ terrorist designation, potentially setting up a diplomatic conflict with Saudi Arabia. Political analysts

Read More »

Commodities Week in Review: February 8 to February 12

22 days ago

Commodities Week in Review: February 8 to February 12
Agriculture 
For many agricultural commodities, investors turned their attention to the US Department of Agriculture (USDA) and its World Agricultural Supply and Demand Estimates (WASDE) report. It examined the current state of US agriculture and offered a broad forecast. Researchers concluded that supplies are tightening for many crops, such as soybeans and wheat, and added that foreign demand will balloon for many agricultural products. Market analysts called it a bullish report since it signaled smaller inventories and expanding demand, which would lift prices.
Cocoa 

Friday Settlement: +$13.00, or 0.53%, to $2,446 per metric ton
Weekly Performance: -1.57%
YTD Performance: -5.81%

Coffee 

Friday Settlement: -$0.0055, or 0.45%,

Read More »

Gold Slumps Amid Weaker US Dollar, Higher Bonds

23 days ago

Gold was one of the few commodities to trade in the red in the final session of the week. Movement in gold futures was lackluster, allowing the yellow metal to secure a modest weekly gain. As gold prices try to stay above $1,800, industry observers are optimistic that the precious metal can trade in this range amid inflation concerns and a weaker greenback.
March gold futures tumbled $2.30, or 0.13%, to $1,824.50 per ounce at 16:41 GMT on Friday on the COMEX division of the New York Mercantile Exchange. Gold is poised for a weekly boost of 0.55%, paring its year-to-date slump to around 4%.
Silver, the sister commodity to gold, is rallying to end the trading week. April silver futures advanced $0.388, or 1.43%, to $27.435 per ounce. The white metal will enjoy a weekly surge of 1.5%, raising

Read More »

US Crude Turns Positive on Bigger-than-Expected Supply Withdrawal

25 days ago

Crude oil futures are maintaining the longest winning streak since December 2018, with energy markets combing through the latest US government supply report. Investors have been mostly monitoring Washington’s coronavirus-related spending and oil-rich nations’ production plans. Oil has been trading at its best level in more than a year. Can it keep up the momentum?
March West Texas Intermediate (WTI) crude oil futures advanced $0.13, or 0.22%, to $58.49 per barrel at 14:41 GMT on Wednesday on the New York Mercantile Exchange. US crude has surged nearly 4% over the last week, bringing its year-to-date rally to above 20%.
Brent, the international benchmark for oil prices, is trading relatively lower midweek. April Brent crude futures dipped $0.05, or 0.08%, to $61.04 per barrel on London’s

Read More »

Soybean Tops $14 amid Bullish USDA Report, Weather in Brazil

26 days ago

Soybean futures soared on Tuesday, topping $14 for the first time in nearly a month after a new US government report anticipated tighter ending stocks. A weaker greenback contributed to the crop’s substantial rally. Without a substantial injection of new supply, how much higher can soybean prices go this year?
March soybean futures surged $0.185, or 1.33%, to $14.0625 per bushel at 14:12 GMT on Tuesday on the Chicago Board of Trade (CBoT). Soybean prices flatlined last week, but they are still up more than 7% year-to-date.
According to the US Department of Agriculture (USDA), there will be reductions in ending stocks for soybeans, corn, and wheat. It also trimmed its corn and soybean harvest views for Argentina and Brazil. Overall, it was a bullish report for the agricultural sector, which

Read More »

Bitcoin Soars to All-Time High After Tesla Confirms $1.5 Billion Purchase

27 days ago

Bitcoin futures skyrocketed on Monday after the news broke that automaker Tesla Motors acquired a vast amount of the peer-to-peer decentralized virtual currency bitcoin and the company will start accepting payments in the cryptocurrency for its products. The news sent prices an all-time high.
February bitcoin futures surged $5,945.00, or 15.64%, to $43,960.00 per coin at 12:10 GMT on Monday on the Chicago Mercantile Exchange (CME). Bitcoin is coming off a 16% gain last week, bringing its year-to-date rally to around 50%.
According to a filing with the Securities and Exchange Commission (SEC), Elon Musk’s company purchased bitcoin for “more flexibility to further diversify and maximize returns on our cash.” The filing also revealed that it would begin accepting payments in bitcoin

Read More »

Gold Tops $1,800 on US Senate Paving the Way for Biden’s $1.9 Trillion Stimulus Plan

February 5, 2021

Gold futures are looking to finish the trading week above $1,800 as the metals market could receive a push from the US Senate’s approval of a budget plan for President Joe Biden’s $1.9 trillion stimulus and relief package. Gold prices also benefited from the sour tone in the broader financial markets amid a disappointing January jobs report. With inflation concerns likely to dominate gold prices for the next couple of weeks, could the yellow metal retest $1,850?
April gold futures soared $16.30, or 0.91%, to $1,807.50 an ounce at 15:14 GMT on Friday on the COMEX division of the New York Mercantile Exchange. The yellow metal is on track for a weekly loss of about 2.2%, adding to its year-to-date decline of 5%.
Silver, the sister commodity to gold, continued its roller coaster of a week

Read More »

Natural Gas Posts Modest Gain As Storage Withdrawal Matches Estimates

February 4, 2021

Natural gas futures turned positive on Thursday after the US government reported a domestic supply withdrawal that matched market forecasts. Natural gas prices took a breather on Wednesday after a meteoric ascent earlier in the week. Now that the weekly inventory data is out of the way, investors could be concentrating on the weather again, with Arctic temperatures expected to blanket North America and Europe for the next 14 days. Could this be the catalyst for prices to top $3?
March natural gas futures rallied $0.039, or 1.4%, to $2.828 per million British thermal units (btu) at 14:42 GMT on Thursday on the New York Mercantile Exchange. Natural gas is poised for a weekly of about 4%, bringing its year-to-date jump to 10%.
According to the US Energy Information Administration (EIA),

Read More »

Crude Oil Tops $56 As Weekly Supply Drawdown Higher than Forecast

February 3, 2021

Crude oil futures are adding to their massive gains in the middle of the trading week, topping $56 for the first time in a year. Crude prices are finding support from the latest weekly US government inventory report and fiscal stimulus hopes. With countries worldwide rolling out their coronavirus vaccines, investors are optimistic that global demand will continue to increase in the months to come.
March West Texas Intermediate (WTI) crude futures surged $1.03, or 1.88%, to $55.76 per barrel at 14:41 GMT on Wednesday on the New York Mercantile Exchange. US crude prices had topped $56 before the release of the government report. It has been a great beginning of 2021 for oil prices, with WTI contracts climbing more than 15% to start the year.
April Brent crude futures advanced $1.21,

Read More »

Natural Gas Adds Another 4% As Long-Range Cold Weather Lifts Prices

February 2, 2021

Natural gas futures are extending their huge rally on Tuesday, driven by long-range weather outlooks, and investors continuing to react to the latest forecasts anticipating wintry weather blanketing many parts of the US. With the massive snowstorm slamming the northeast, the bulls have taken over the natural gas market from the bears. Can this be sustained throughout February?
March natural gas futures surged $0.112, or 3.93%, to $2.962 per million British thermal units (btu) at 13:56 GMT on Tuesday on the New York Mercantile Exchange. Natural gas prices had soared as much as 13% to kick off the trading week, bringing its gains to more than 16% in the first trading weeks of 2021.
It turns out that Old Man Winter has not said goodbye. After investors gave up on freezing temperatures during

Read More »

Silver Climbs 11% to Top $30, Fueled by Redditors’ Short Squeeze Plans

February 1, 2021

Silver futures are soaring to start the trading week, buoyed by a Reddit forum’s plan to short squeeze the white metal and bring it to $1,000. While this is a lofty task, the early bets suggest the crowdsourcing is paying off — for now. Gold is tagging along for the ride, jumping more than 1% in early trading.
March silver futures spiked $2.921, or 10.85%, to $29.835 per ounce at 12:53 GMT on Monday on the COMEX division of the New York Mercantile Exchange. Silver had traded as high as $30.35 before paring some of its monumental gains. Silver is coming off a weekly gain of nearly 6% and a monthly push of 2%.
Gold, the sister commodity to silver, is also advancing to kick off the trading month. April gold futures surged $21.70, or 1.17%, to $1,871.30 an ounce. The yellow metal slipped 0.31%

Read More »

Commodities Week in Review: January 25 to January 29

January 30, 2021

Commodities Week in Review: January 25 to January 29
Agriculture 
It might have been a slow week for the agriculture sector, but it was a roaring start for most major agricultural commodities. Despite a strengthening US dollar, crops enjoyed the first month of the calendar year in the green. Aside from the greenback, it came down to fundamentals, with weather conditions, demand, inventories, and output driving these commodities. But can these crops extend the momentum into February?
Cocoa 

Friday Settlement: -$9.00, or 0.36%, to $2,522 per metric ton
Weekly Performance: +0.04%
January Performance: -2.89%

Coffee 

Friday Settlement: -$0.006, or 0.49%, to $1.2235 per pound
Weekly Performance: -0.69%
January Performance: -3.89%

Corn

Friday Settlement: +$0.1275, or 2.39%, to $5.4725 per

Read More »

Gold, Silver Surge As Reddit’s WSB Forum Plans New ‘Short Squeeze’

January 29, 2021

Gold futures surged to end the trading week, putting forth a tepid weekly gain. But the yellow metal will finish the month in the red following a stronger US dollar, stimulus uncertainty, and greater confidence in the broader financial markets. Silver joined the metals rally, too, thanks to a Reddit forum’s push into the white metal. Can the precious metals extend the momentum into February?
April gold futures advanced $21.40, or 1.16%, to $1,859.30 per ounce at 15:48 GMT on Friday on the COMEX division of the New York Mercantile Exchange. Gold will post a weekly boost of 0.2%, and a January slide of about 2.2%.
Silver, the sister commodity to gold, is soaring for the second straight session. March silver futures climbed $1.163, or 4.49%, to $27.085 an ounce. The white metal will enjoy

Read More »

Natural Gas Slumps on Smaller-Than-Expected Supply Drawdown

January 28, 2021

Natural gas futures are sliding toward the end of the trading week after the US government reported a slightly smaller-than-expected decline in domestic inventories. The latest movement in natural gas prices has stumped market analysts who have anticipated a downward trend for the energy commodity since Old Man Winter has mostly bypassed some of the biggest natural gas consumers this season.
March natural gas futures fell $0.07, or 2.59%, to $2.632 per million British thermal units (btu) at 16:30 GMT on Thursday on the New York Mercantile Exchange. Despite the drop on Thursday, natural gas prices are poised for a more than 5% gain on the week, as well as a 4% rally in January.
According to the US Energy Information Administration (EIA), domestic inventories of natural gas fell by 128

Read More »

US Crude Slumps Despite Larger-Than-Expected Supply Drawdown

January 27, 2021

Crude oil futures joined the decline in the broader financial markets. Despite the US government reporting a much larger-than-expected fall in domestic inventories, oil prices failed to generate momentum. It might have been a session of choppy trading, but market analysts believe that crude could restart its rally soon following this week’s supply data and the improving coronavirus situation in China.
March West Texas Intermediate (WTI) crude oil futures dipped $0.08, or 0.15%, to $52.53 per barrel at 19:47 GMT on Wednesday on the New York Mercantile Exchange. US crude prices have slumped about 1.4% over the last several sessions, paring their strong start to 2021 to below 9%.
Brent, the international benchmark for oil prices, is also trading in the red in the middle of the trading week.

Read More »

Copper Slips Amid New COVID-19 Outbreak in China, Stronger US Dollar

January 25, 2021

Copper futures are slipping to start the trading week, driven by investor concerns over the new coronavirus outbreak in China and a rising US dollar. Financial analysts are also forecasting that prices for the industrial metal could begin to retreat from January highs this year as producers take advantage of copper hitting a seven-year high.
March copper futures tumbled $0.012, or 0.33%, to $3.614 per pound at 13:49 GMT on Monday on the New York Mercantile Exchange. The red metal is coming off a tepid weekly gain of 0.3%, raising its gain in the first month of the calendar year to just below 3%. Over the last 12 months, copper prices have soared 40%.
China, the world’s largest consumer of copper, has seen a resurgence of coronavirus cases, forcing the government to lock down up to 30

Read More »

Commodities Week in Review: January 18 to January 22

January 23, 2021

Commodities Week in Review: January 18 to January 22
Agriculture 
The agriculture sector had one of its worst weekly performances in many months, with most of these commodities recording substantial losses during the holiday-shortened trading week. Ostensibly, there are two explanations for the surprise decline in this part of the commodities sector. The US Dollar Index (DXY), which tracks the greenback against a basket of currencies, has performed better than what the market had anticipated in 2021, making dollar-pegged agriculture more expensive for foreign investors to purchase. The second is that investors are taking early profits following the market’s meteoric ascent in recent months.
Cocoa 

Friday Settlement: -$8.00, or 0.32%, to $2,521 per metric tons
Weekly Performance: -0.55%

Read More »