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US Open: Stocks Consolidate at Record Highs, Earnings in Focus

US futures are easing lower after the Dow Jones & S&P 500 hit record highs on Friday. Earnings will step up a gear this week with Netflix, Johnson & Johnson, IBM & Coca-Cola due. USD slumps to 6 week lows. US futures Dow futures -0.2% at 34122 S&P futures -0.3%...

CFTC Commitments of Traders – Bets on Lower Crude Oil Price Soared

According to the CFTC Commitments of Traders report for the week ended April 13, NET LENGTH for crude oil futures plunged -19 047 contracts to 492 678 for the week. Speculative long position dropped -5 430 contracts, while shorts rose +13 617 contracts. For refined oil products, NET LENGTH...

Oil Prices Hit One-Month High on Improved Demand Outlook, Further Fall in Crude Stocks

WTI oil is consolidating just under new one-month high ($63.44) on Thursday, following 3.8% advance on Wednesday, the biggest one-day rally since Mar 24. Improved forecasts for global oil demand by the International Energy Agency and OPEC, on signs that major economies recover from the pandemic, lifted the oil prices,...

US Open: Wall Street Heads Higher on Strong Earnings, Blowout Data

After a strong start to earnings season yesterday, earnings continue to impress. US retail sales & jobless claims smash forecasts lifting stocks higher. US futures Dow futures +0.4% at 33900 S&P futures +0.5% at 4150 Nasdaq futures +0.85% at 13934 In Europe FTSE +0.6% at 6976 Dax +0.18% at 15241 Euro...

WTI Crude Oil Price Jumped as US Inventory Fell More than Expected

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks plummeted -9.05 mmb to 1283.58 mmb in the week ended April 9. Crude oil inventory slumped -5.89 mmb (consensus: -2.89 mmb) to 492.42 mmb. Stockpile decreased in 3 out...

Crude Oil Price Breaks Key Resistance, Dollar Under Pressure

Key Highlights Crude oil price formed a base above $57.00 and started a fresh increase. It broke a major contracting triangle with resistance near $59.70 on the 4-hours chart of XTI/USD. Gold price is still trading below the key $1,760 resistance zone. EUR/USD gained pace above 1.1920, GBP/USD is...

US oil inventories dropped -5.9m barrels, WTI upside breakout

US commercial crude oil inventories dropped -5.9m barrels in the week ending April 9, versus expectation of -2.4m barrels. At 492.4m barrels, crude oil inventories are about 1% above the five year average for this time of year. Gasoline inventories rose 0.3m barrels. Distillate dropped -2.1m barrels. Propane/propylene rose...

WTI Oil Outlook: Oil Price Remains Elevated on Improved Global Demand Outlook and Weaker Dollar

WTI oil price continue to climb for the third consecutive session and hit one-week high on Wednesday. The monthly report from the International Energy Agency showed improved outlook for a significant rise in global oil demand in the second half of the year that boosted the sentiment, along with weaker...

WTI Futures Push Higher Within a Ranging Market

WTI oil futures have nudged back above the 60.00 mark, overstepping the Ichimoku cloud and the 100-period simple moving average (SMA) on the four-hour chart at 60.03. The commodity’s price action remains confined between the limits of 57.25 and 62.24. The bearish demeanour within the 100- and 50-period SMAs...

US Open: Futures Point Lower on J&J Shock, CPI In Focus

The mood in the market has turned sour after J&J single shot covid vaccine is paused. CPI data up next. US futures Dow futures -0.35% at 33630 S&P futures -0.27% at 4117 Nasdaq futures -0.05% at 13814 In Europe FTSE -0.2% at 6876 Dax +0.03% at 15231 Euro Stoxx -0.03% at...

Crude Oil Prices to Hover around Current Levels as Supply Increases amidst Better Demand Outlook

Both crude oil benchmarks have been range-bounded after pulling back from the peaks in early March. Although global economic recovery is still underway and the pandemic situation has largely stabilized, the ramp-up of output by OPEC members and non-OPEC producers have raised concerns over whether the growth in world...

CFTC Commitments of Traders – Net Long Sank in Crude Oil While Increased in Precious Metal Futures

According to the CFTC Commitments of Traders report for the week ended April 6, NET LENGTH for crude oil futures plunged -19 585 contracts to 511 725 for the week. Speculative long position fell -21 921 contracts, while shorts dropped -2 336 contracts. OPEC+'s decision to increase output from...

Week Ahead: Fed’s Inflation Calm About to Get Tested

The Fed has clearly signaled they are not worried about inflation and that should worry financial markets. The Fed has repeated that inflation will be transitory, but financial markets have never seen this record amount of stimulus get pumped into the economy. The US economy is about to run...

US Open: Tech Slips after Yesterday’s Gains

The tech heavy Nasdaq is easing lower after recording 1% gains on Thursday. Rising bond yields are adding pressure to high growth tech stocks, whilst lifting the Dow Jones. US futures Dow futures +0.2% at 33450 S&P futures +0.02% at 4090 Nasdaq futures -0.3% at 13721 In Europe FTSE -0.2% at...

WTI Futures Creep Sideways But Possess Upside Potential

WTI oil futures have moulded a strong base from 57.25 to 58.10 and are consolidating around the 60.06 mark, which happens to be the 23.6% Fibonacci retracement of the up leg from 34.02 until 67.96. The commodity’s price action is currently confined between the 57.25 and 63.13 limits. However,...

US Crude Inventory Declined More than Expected. Refinery Products Saw Stock-build

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks gained +2.31 mmb to 1292.63 mmb in the week ended April 2. Crude oil inventory sank -3 522 mmb (consensus: -1.44 mmb) to 498.31 mmb. Stockpile decreased in 4...

US oil inventories dropped -3.5m barrels, WTI staying in range

US commercial crude oil inventories dropped -3.5m barrels in the week ending April 2, versus expectation of -2.0m. At 498.3m barrels, oil inventories are about 3% above the five year average for this time of year. Gasoline inventories rose 4.0m barrels. Distillate inventories rose 1.5m barrels. Propane/propylene inventories rose...

WTI Futures Range-Bound But Bearish Tone Threatens Outlook

WTI oil futures are currently tackling the direct support zone of 58.86-59.58 on the four-hour chart, although remain within a ranging market between the confines of 57.25 and 62.24. The 50-period simple moving average’s (SMA) bearish incline has waned slightly and is promoting the sideways market, while the falling...

Oil Edges Lower in Asia

Muted holiday trading has seen some unwinding of Friday’s rallies, with Brent crude and WTI edging lower. On Friday, Brent crude rose 2.60% to USD64.65 a barrel, and WTI rose by 3.05% to USD61.65 a barrel after the impressive Non-Farm Payroll data. Both contracts have edged 20 cents lower...

Crude Oil Price Retreats as OPEC+ Hints at Supply Hikes

The price of crude oil declined slightly after the latest OPEC+ meeting. The leaders met during the weekend and agreed to gradually ease some of its production cuts between May and July. They agreed to increase production by about 350,000 barrels in May and June and by 400,000 in...

CFTC Commitments of Traders – Bets on Crude Oil Trimmed on Both Sides

According to the CFTC Commitments of Traders report for the week ended March 30, NET LENGTH for crude oil futures jumped +8 255 contracts to 531 310 for the week. Speculative long position fell -11 857 contracts, while shorts declined -20 112 contracts. For refined oil products, NET LENGTH...

Week Ahead: US Jobs Hiring Spree Suggests Reflation Trade is Back

Country US The US economy is about to run hot as a hiring spree has officially started.  The dollar may have got its groove back as Treasury yields are rising again.  It will take several months of massive job gains to alter the Fed’s stance, so investors can feel confident that...

Week Ahead: Coronavirus Worsens, and the Bickering Begins Over Biden’s Infrastructure Plan

Monday is a holiday and many of the major markets will be closed.  Now that month-end and quarter-end are behind us, as well as Non-farm payrolls and OPEC, the focus for the markets will turn back to the rising number of coronavirus cases, particularly in Europe and Canada.  In...

NFP React: Jobs Roaring Back, Stocks Pop, Dollar Strengthens, Yields Higher, Oil and Metals Markets Closed, Bitcoin Higher

The hiring spree has officially started in the US and Wall Street knows that it will take several months of monstrous job gains to trigger the taper tantrum. The equity market party is in the early stages as the US will likely add between 500,000 and a million jobs...

WTI Oil Outlook: Oil Prices Jump as OPEC+ Decides to Extend Production Curb for Another Month

WTI oil rose over $2 on Friday and returned above $61 per barrel, lifted by the decision of OPEC+ group to extend production cuts, implemented after oil prices collapsed during the pandemic in 2020, for another month. The world’s top oil producers agreed to extend the agreement but decided to...

Sunset Market Commentary

Markets The OPEC+ meeting features high on today’s agenda. Saudi Energy Minister Bin Salman said in the run-up to the meeting that OPEC’s cautious approach in March has been proven right. The cartel kept mutual and individual (Saudi Arabia) output curbs in place because of the uncertain path of the...

US open: Wall Street Heads High on Biden’s Spending Plans, OPEC in Focus

Stocks are set for a stronger start after Biden's infrastructure and tax plans. OPEC expected to keep production cuts in place. US futures Dow futures +0.1% at 33066 S&P futures +0.3% at 3992 Nasdaq futures +1.1% at 13243 In Europe FTSE +0.3% at 6745 Dax +0.45% at 15070 Euro Stoxx +0.6%...

Crude Oil Remained Under Pressure although Inventory Surprisingly Increased

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -1.35 mmb to 1290.33 mmb in the week ended March 26. Crude oil inventory slipped -0.88 mmb (consensus: -0.1 mmb) to 501.84 mmb. Stockpile decreased in 3 out...

US oil inventory dropped -0.9m barrels, WTI struggles to extend rebound

US commercial crude oil inventories dropped -0.9m barrels in the week ending March 26, versus expectation of -1.3m. At 501.8m barrels, oil inventories are about 6% above the five year average for this time of year. Gasoline inventories dropped -1.7m barrels. Distillate rose 2.5m barrels. Propane/propylene dropped -2.0m barrels....

US open: All Eyes on Biden’s Infrastructure Proposal

The biggest development to watch today will be high-level proposals in US President Biden’s infrastructure plan... US index futures: Dow futures -0.1% to 32,909 S&P 500 futures +0.1% to 3,953 Nasdaq 100 futures +0.6% to 12,957 European indices: FTSE -0.1% to 6,762 Dax +0.0% to 15,009 Euro Stoxx 600 +0.2% to...