Saudi Arabia raises crude oil selling prices in Asia, U.S. oil jumps above 120 mark, non-farm payrolls are beautiful, gold prices retreat to 1850 mark

By    6 Jun,2022

U.S. crude oil opened slightly higher at the beginning of the Asian market on Monday (June 6), once hitting a new high since March 10 to $120.95 per barrel, as Saudi Arabia raised the price of its oil sales to Asian customers over the weekend and by more than expected; in addition, OPEC decided to raise its production target slightly higher than planned, and the market is not expected to increase global supply too much. Spot gold is temporarily hovering around the 1850 mark. The better-than-expected U.S. May non-farm payrolls report that came out last week provided support to the U.S. dollar, putting gold prices under pressure and significantly increasing uncertainty about the short term trend.


In terms of commodity closings, COMEX August gold futures closed down 1.1% on Friday (June 3), the largest one-day decline in the last about three weeks, at $1,850.20/oz. WTI July crude oil futures closed up $2.00, or 1.71%, at $118.87/barrel; Brent August crude oil futures closed up $2.11, or 1.79%, at 119.72 U.S. dollars per barrel.

U.S. stocks closed: The S&P 500 fell 1.6%, the Nasdaq Composite fell 2.5%, the Nasdaq 100 fell 2.7% and the Dow Jones Industrial Average fell 1.0% on Friday.

Monday Outlook

No important economic data this trading day, pay attention to China's May Caixin Services PMI, and the Seoul Stock Exchange is closed for Hyeonchung Day.

International News

Saudi Arabia raises oil sales prices to Asian customers in July, up more than expected

June 5 - Saudi Arabia raised oil prices for Asian customers by more than expected as demand from major Asian economies rises. Saudi Aramco raised the price of Arabian light crude for Asian customers by $2.10 to $6.50 in lift-off. Refiners and traders were expecting a $1.50 rise. Mike Mueller, head of Asia for Vito Energy Group, said that in some places, "the rebound in demand has been quite impressive. Demand for road transport in many Southeast Asian countries has greatly exceeded expectations," he said. Trying to buy a ticket in Singapore during the summer is very tough."