5 things to watch on the ASX 200 on Thursday

Beach Energy Ltd (ASX:BPT) and BHP Group Ltd (ASX:BHP) shares will be on watch on the ASX 200 on Thursday…

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On Wednesday the S&P/ASX 200 Index (ASX: XJO) was on form for a third day in a row. The benchmark index jumped 0.9% higher to 6,824.6 points.

Will the market be able to build on this on Thursday? Here are five things to watch:

ASX 200 futures pointing lower

The Australian share market looks set to end its winning streak on Thursday. According to the latest SPI futures, the ASX 200 is poised to open the day 14 points or 0.2% lower this morning. This is despite stocks on Wall Street pushing higher overnight. In late trade, the Dow Jones is up 0.25%, the S&P 500 is up 0.5%, and the Nasdaq has climbed 0.6% higher.

Oil prices rise again

It could be a good day for energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after another positive night for oil prices. According to Bloomberg, the WTI crude oil price is up 1.6% to US$55.62 a barrel and the Brent crude oil price has risen 1.6% to US$58.39 a barrel. Oil prices are closing in on one-year highs after a stronger than expected inventory drawdown in the United States.

Northern Star-Saracen merger completes

The Saracen Mineral Holdings Limited (ASX: SAR) share price won’t be going anywhere today after being suspended at the close of play on Wednesday. This happened after its mega merger with fellow gold miner Northern Star Resources Ltd (ASX: NST) became effective. The transaction will create a new top-10 global gold major with immediate production of 1.6 million ounces per annum and a pathway to 2.0 million ounces.

Gold price edges higher

Gold miners including Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Ltd (ASX: NCM) will be on watch after the gold price edged higher. According to CNBC, the spot gold price is up 0.1% to US$1,835.10 an ounce. Elsewhere, the silver price rose 1.7% overnight after crashing lower a day earlier when the Reddit trade ran out of steam.

Iron ore price rises

It could be a good day for BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) shares after the iron ore price climbed higher on Thursday night. According to Metal Bulletin, the iron ore price has pushed 1.9% higher to US$152.65 a tonne.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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